Court : Supreme Court of India
..... a private company which is a subsidiary of a public company, in respect of any contract or arrangement entered into, or to be entered into, by the private company with the holding company thereof; (c) any contract of indemnity against any loss which the directors, or any one or more of them, may ..... the transferor and by or on behalf of the transferee has been lost, the company may register the transfer on such terms as to indemnity as the board may think fit :63. provided further that nothing in this section shall prejudice any power of the company to register as ..... of the contingency specified therein. the imposition of penalty depends upon the violation of the exchange and when imposed operates to invalidate all contracts resulting from allotment of shares between the applicants for shares and the company. such a provision must be strictly construed. unless the statute in ..... of india v. allied international products ltd. & anr. (1970) 3 scc594 15. the application for allotment of shares and acceptance thereof constitute a contract between the company and the applicant. section 73(1) of the companies act imposes a penalty whereby the allotment of shares becomes void on the happening ..... suffer by reason of becoming or being sureties or a surety for the company; (d) any contract or arrangement entered into or to be entered into with .....Tag this Judgment!
Court : Chennai
..... appellant has not questioned the quantum fixed by the trial court. according to the learned counsel for the appellant the trail court ought to have held that there is no contract or indemnity between the insurer and insured and the appellant insurance company is not liable to pay any amount as compensation, and the owner of the vehicle is only liable to ..... held that while insurance policy covers only driver of motor vehicle and no other person employed in motor vehicle is covered under policy, the persons carried in pursuance of the contract of employment was construed as passenger under old act, the present act does not contain such provision, that insurance policy covers persons or class of persons specified in the policy ..... increased third party property damage risks, section 11-i(ii) endtt.70 unlimited amt. 9. the above said entires incorporated in the police would make abundantly clear that there was contract between the owner of the vehicle and the insurance company and hence, the insurance company has to be anchored with the liability to pay the compensation. in such view of .....Tag this Judgment!
Court : Chennai Madurai
..... court. 21. it is to be pointed out that a 'guarantee' is a tri-partite contract between three persons (1) principal debtor (2) creditor and (3) surety. after all, the contract of indemnity is a bilateral one. for constituting a 'contract of guarantee' there ought to be a third contract by which the principal debtor expressly or impliedly requests the surety to act ' as surety ..... '. the contract is a consensual act and parties are at liberty to impose any terms, as they ..... desire/like. a written contract may be a single document and each party is bound ..... other than the petitioner as co-applicant or as a co-obligant and in fact, it is well within the purview of the respondent/bank to obtain a document of indemnity between the petitioner, respondent/bank and any third party, as the case may be, of course, in accordance with law. 25. with the aforesaid observation(s) and direction(s), the .....Tag this Judgment!
Court : Supreme Court of India
..... 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 .....Tag this Judgment!
Court : Mumbai
..... latter might sustain in the future operation of the cinemas. the company therein had claimed against the petitioning creditors damages for breach of that alleged contract of indemnity. on these facts, the creditors' petition was dismissed. on appeal, lord denning m.r. observed that there had to be a genuine ..... respondents agreed to waive notice to them before appropriation of amount by the bank. the provisions of sec. 126, 148 and 172 of the contract act also do not, in any manner, help the respondents in support of their contention that there is a legal obligation on the appellant ..... are no disputes on facts. the contentions are purely legal. now we would consider the first contention regarding applicability of sec. 176 of the contract act. section 176 provides for pawnee's right where pawnor makes default. it inter alia stipulates that on pawnor making default in payment of the ..... undisputed. in fact, the admission of liability by the respondent company is also with reference to these very same trades. 18. section 176 of the contract act, 1872 deals with the rights of a pawnee where the pawner make default. section 176 reads as under:- 176. pawnee's right where pawnor ..... form of cash, the petitioner would immediately, offload all pledged securities lying with them to meet the pay-in obligations pertaining to march and june contracts expiry. this would have entailed sale of several securities including twenty lakh (20,00,000) shares of a company called gitanjali gems limited (hereinafter .....Tag this Judgment!
Court : Karnataka - Dharwad
..... its insured in respect of any liability covered by the terms of the insurance policy or required to be covered under the provisions of the act. a contract of motor insurance is a contract of indemnity. if the appellant had filed the claim petition against the insurer of his own motorcycle, it would have been dismissed against his insurer, for the reason that .....Tag this Judgment!
Court : Karnataka
..... of jurisdiction of the civil court respectively, to submit that insurer/appellant is disentitled to invoke the civil court s jurisdiction over breach of terms and conditions of the indemnity under the contract act, as against the owner/insured. 10. having heard the learned counsel for the appellant, perused the pleadings, examined the judgment and award and the evidence, both oral and ..... civil court to entertain a suit as between insurer and insured in the matter of fraud, undue influence or collusion either while entering into the contract of indemnity or breach of terms of the said contract. 28. in rajesh singh s case as well as nicoletta rohtagi s case (supra), the apex court did not in express terms deny right of the ..... parties to the contract to institute a suit over breach of terms and conditions of the contract of indemnity before a competent civil court. 29. in rajendra singh s case, the apex court observed that it had no doubt that remedy to ..... 165 read with section 175 of the act denudes the jurisdiction of the civil court to entertain a claim for breach of terms of contract of indemnity on the basis of fraud as defined under section 17 of the contract act, 1872, is without merit. section 175 by itself and nothing more does not either expressly or impliedly bar the jurisdiction of the .....Tag this Judgment!
Court : Karnataka
..... apex court in the matter of deepak bhandari -vs- h.p.state industrial development corporation limited reported in air 2014 sc 961, right to sue on a contract of indemnity/guarantee would arise when the contract is broken. since the guarantors did not comply the demand, as called for in ex.p8, time begins to run from 21.8.2000 only and petition ..... to from which date the limitation would run. in the second judgment of deepak bhandari (supra), the corporation had made claim against the indemnifiers but not against the guarantors. the contract of guaranty and indemnifiers stands on different pedestal, as per the judgment of the apex court in maharashtra state financial corporation -vs- ashok k.agarwal and others reported in air ..... remedy available against the company already lost and the personal guarantees are extinguished under section 139 of the indian contract act; there is no liability for the guarantor to pay the amount claimed and the interest thereon. 5. on consideration of rival contentions and evidentiary material, the concerned court ..... and the confirmation of the said sale is pending before the company court. the personal guarantee, if any, is already extinguished, as per sections 134 and 135 of the indian contract act. due to the negligence of the corporation, the hypothecated and pledged assets have deteriorated, damaged and became rusted resulting in heavy loss to the corporation, thereby the eventual .....Tag this Judgment!
Court : Delhi
..... recover the balance from any one or more of the others. but in no event is he entitled to recover more than his loss because each contract is a contract of indemnity only, and, therefore, when he has recovered his total loss from some one or more of his insurers his claims against the others abate. the ..... any insurer in such order as he may think fit. the only limitation is that he is not entitled to receive any sum in excess of the indemnity allowed by the act. the insurance company has not based its defence on any clause in the insurance policy but sought to rely upon the provisions of ..... as against the full insurable value, for any sum received by him under any other policy; (d) where the assured receives any sum in excess of the indemnity allowed by this act, he is deemed to hold such sum in trust for the insurers, according to their right of contribution among themselves. 15. section 80 ..... may claim payment from the insurers in such order as he may think fit, provided that he is not entitled to receive any sum in excess of the indemnity allowed by this act; (b) where the policy under which the assured claims is a valued policy, the assured must give credit as against the valuation, ..... two or more policies are effected by or on behalf of the assured on the same adventure and interest or any part thereof, and the sums insured exceed the indemnity allowed by this act, the assured is said to be over-insured by double insurance. (2) where the assured is over-insured by double insurance (a) .....Tag this Judgment!
Court : Delhi
..... service, the breach of which has to be quantified in monetary terms for entitlement of damages or compensation, a contract of insurance is one of indemnity. the court has to satisfy itself that the contract was validly entered into; there are no disqualifying conditions, nor are there any vitiating circumstances which exist and the ..... the insurer's obligation is accepted or established. that seems obvious where the assured cannot afford to pay for the reinstatement without the benefit of the indemnity which the insurer withholds. as i see it, nowadays the same considerations apply even to a successful business. the assured cannot reasonably be expected to ..... his obligations as to the use of the insurance moneys once they have been paid are relevant in determining whether he will recover more than an indemnity by getting the measure of loss provided for in that policy." 14. in the most recent decision of the queen's bench division, in western ..... accountable for the proceeds to the owners of the other interests, then he will not be receiving more than an indemnity if the insurer pays the full amount for which the property was insured. this will be so, whether the assured is accountable to the owners ..... if the assured recovers the whole diminution in the value of the property or the whole cost of reinstatement he will be getting more than an indemnity. that must depend on what his legal obligations are as to the use of the insurance proceeds when he has got them. if he is .....Tag this Judgment!