Court : Sikkim
Decided on : May-24-2010
..... supreme court, held as follows :- "11. we are of the view that as the provisions contained in chapter viii of the act relate to indemnity and guarantee, they deal with one subject and they are to be read together. the liability of the surety as stated in general terms in ..... guarantee agreement were got executed by him. it was, therefore, submitted that by application of the provisions of sections 142 and 143 of the contract act the guarantee agreement entered into by him was rendered invalid and was a nullity in the eye of law. it was further submitted that ..... other documents executed by the respondents including the respondent no. 3 who was the guarantor. the guarantee agreement constituted a separate, distinct and independent contract between the bank and the guarantor and that it is independent of the main agreement entered between the appellant-bank and the respondents nos. 1 ..... respondent no.3 was bound to discharge his obligations under the guarantee agreement. in other words, those were the terms of a legal and valid concluded contract entered between the appellant-bank and the respondent no.3 and that being so, neither of the parties could resile therefrom. (9.) in support of ..... value of rs. 2,50,000/- which the appellant-bank allowed the respondents-borrowers to part with. the appellant having varied the terms of the contract and having allowed the borrowers to part with the pledged security which as per the respondent no.3, was in connivance with the borrowers, he stood .....Tag this Judgment!
Court : Sikkim
Decided on : May-17-2010
..... the insured. except that, in other respects, there is no difference between a contract of insurance and any other contract. the four essentials of a contract of insurance are, (i) the definition of the risk, (ii) the duration of the risk (iii) the premium and (iv) ..... to determine the extent of liability of the insurer. the endeavour of the court must always be to interpret the words in which the contract is expressed by the parties. the court while construing the terms of policy is not expected to venture into extra liberalism that may result in re-writing ..... the contract or substituting the terms which were not intended by the parties. the insured cannot claim anything more than what is covered by the insurance policy. ( ..... 2009 sc 2493) in paragraph 15 of which it has held as under:- ??15.) an insurance contract, is a species of commercial transactions and must be construed like any other contract to its own terms and by itself. in a contract of insurance, there is requirement of uberimma fides i.e. good faith on the part of ..... thereby requiring the tribunal to draw an adverse inference against the claimants. as per mrs. chakraborty, the parties are governed by the contract concluded between them and that since the evidence clearly showed that there was a violation of the terms and conditions of the .....Tag this Judgment!