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Judgment Search Results Home > Cases Phrase: contract of indemnity contract Court: us supreme court Year: 2016 Page 1 of about 3 results (0.090 seconds)

Jun 29 2016 (SC)

M/S. Sundaram Finacne Ltd. Vs. Noorjahan Beevi and Anr.

Court : Supreme Court of India

Decided on : Jun-29-2016

..... section 29 and on their taking possession they became deemed owners. the mortgage may have come to an end, but the contract of indemnity, which was an independent contract, did not. the right to claim for the balance arose, under the contract of indemnity, only when the sale proceeds were found to be insufficient.11. in this case, it is an admitted position that the ..... .e. that the loan transaction and the mortgage deed are one composite transaction which was inseparable is entirely erroneous. it is settled law that a contract of indemnity and/or guarantee is an independent and separate contract from the main contract. thus, the question which they required to address themselves, which unfortunately they did not, was when does the right to sue on the ..... that a suit for recovery of the balance could have been filed. merely because the corporation acted under section 29 of the financial corporations act did not mean that the contract of indemnity came to an end. section 29 merely enabled the corporation to take possession and sell the assets for recovery of the dues under the main ..... indemnity arose. in our view, there can be only one answer to this question. the right to sue on the contract of indemnity arose only after the assets were sold off. it is only at that stage that the balance due became ascertained .....

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Oct 26 2016 (SC)

Satya Pal Anand Vs. State of M.P. and Ors.

Court : Supreme Court of India

Decided on : Oct-26-2016

..... the provisions of the act of 1960 and the bye-laws of the society which are binding on the members of the society. the interplay of the provisions of the contract act and the specific relief act and of the co-operative laws and the bye laws of the society permitting cancellation of allotment of plot or the membership of the ..... requirement cannot be considered as mandatory. for, it is not possible to hold that no extinguishment or cancellation deed can ever be executed by the party to the earlier concluded contract, considering the express provision in that behalf in section 17(1)(b) of the act of 1908 read with other enabling provisions in the same act or other substantive law ..... examine the issue in the light of section 62 of the indian contract act, 1872. it provides that if the parties to a contract agree to substitute a new contract for it, or to rescind or alter, the original contract need not be performed. thus, for any novation, rescission and alteration of the contract, it can be made only bilaterally and with amicable consent of .....

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Nov 08 2016 (SC)

Commercial Tax officer and Ors. Vs. State Bank of India and Anr.

Court : Supreme Court of India

Decided on : Nov-08-2016

..... the designated branch in the form prescribed by the state bank of india. b) state bank of india would, incorporate, in consultation with their legal department, a suitable indemnity clause in the application form to be submitted by the holder of the scrip. c) as the scrip is transferred by a letter, state bank of india would verify ..... agreements which create rights, agreements which transfer or assign rights, and lastly agreements which extinguish them. agreements which create rights were divided into two sub- classes, namely, contracts and grants. a contract is an agreement, which creates an obligation or right in personam between the parties, whereas a grant creates a right of another description such as leases, assignments, patents, ..... any profit accrues from such trade, commerce, manufacture, execution of works contract, adventure or concern; and (ii) any transaction in connection with, or ancillary or incidental to, such trade, commerce, manufacture, execution of works contract, adventure or concern; 19. the term dealer has been defined under section 2(iv)(c), which reads thus ..... as follows:- business includes (i) any trade, commerce or manufacture or execution of work contract or any adventure or concern in the nature of trade, commerce or manufacture or execution of works contract, whether or not such trade, commerce, manufacture, execution of works contract, adventure or concern is carried on with the motive to make profit and whether or not .....

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