Court : Kolkata
Decided on : Jun-30-2009
Reported in : 152CompCas68(Cal)
..... be treated as the principal borrower and would repay the entire outstanding dues of the petitioner. the guarantee also contains an indemnity clause. the default clause and the indemnity clause are as under:2. in the event of any default on the part of the borrower in payment/repayment of any ..... corporate guarantee dated august 13, 2001, thereby guaranteeing due repayment of the loans taken by the coil-o-matic. the bank guarantee was an independent contract. it was also an irrecoverable and continuing guarantee. the guarantee contains a default clause by which coventry spring had committed that in the event of ..... the suit had no bearing on the subject-matter of the winding up petition. the submissions with regard to the novation/variation of the contract were rejected. it was also observed by the learned single judge that coventry spring was a party to the reschedule payments ordered by the bifr ..... winding up petition, the icici bank has also filed a petition for winding up against the principal borrower. with regard to the novation of contract, the submission is rejected being factually incorrect. it is observed that the agreement for repayment was entered into by and between the parties under the ..... submissions made by learned counsel for the parties, the learned single judge has held that 'it is well-settled principle of law that a contract of guarantee is an independent cause of action. therefore, the plea that unless and until the icici bank took steps for realisation of the amount .....Tag this Judgment!
Court : Kolkata
Decided on : Nov-19-2009
..... would not bar the partners of an unregistered firm to seek remedy by way of a writ petition for enforcement of their fundamental rights dehors the contract, which once upon a time subsisted between the parties, if such remedy is legally available to them. the genesis of the dispute in the present ..... enhancement of licence fees on the ground of violation of article 14 of the constitution, the petitioners are seeking to enforce a right arising from the contract between the parties or not. if the answer to this question is in the affirmative, the further question the court would be required to answer ..... their business is carried on is called the 'firm name'.69. effect of non-registration.-(1) no suit to enforce a right arising from a contract or conferred by this act shall be instituted in any court by or on behalf of any person suing as a partner in a firm against ..... point raised by him, i.e. registration of a partnership firm is a must if a proceeding is instituted to enforce a right arising from a contract and, therefore, having regard to the settled law that a decision is an authority for what it actually decides and not for what can logically be ..... p. chakraborty & sons', in reality they are partners and carrying on business in partnership. the dispute in respect of enhancement of licence fees arises from a contract between the parties and unless the firm of which the petitioners are partners is registered in terms of provisions contained in the indian partnership act, 1932 (hereafter .....Tag this Judgment!
Court : Kolkata
Decided on : Oct-30-2009
..... for minimum standards of living and protection against the major vicissitudes that would leave the individual - except the fortunate few - destitute and degraded, provided only with the theoretical freedoms of contract, property and trade, is now almost universally accepted'. it is well settled that a democratic ideal of justice must rest on the three foundations of equality, liberty and ultimate control ..... construed to have conferred a right on the plaintiffs to get the payments on multi-slab basis, until and unless it is proved that the defendants agreed under the written contract to pay on multi-slab basis.39. the facts and circumstances of the present case, however, are significantly different. here the petitioners sought to highlight the fact that the benefits .....Tag this Judgment!
Court : Kolkata
Decided on : Oct-23-2009
..... co-relation between the two. similarly, life insurance policy is received either by the insured or the heirs of the insured on account of the contract with the insurer, for which insured contributes in the form of premium. it is receivable even by the insured, if he lives till maturity after ..... followed the aforesaid principles. but by taking aid of that principle, it cannot be contended that the insurer and the insured by virtue of a contract between them can even fix the liability of the insurer to mean an amount less than the statutory liability fixed by the statute. therefore, the ..... the maximum sum payable under the policy' the apex court meant 'the maximum statutory liability of the insured fixed either by the statute or by the contract of the insurer and the insured (by payment of additional premium) whichever is higher.' see five-judges-bench decision in the case of new india ..... proviso thereunder and sub-section (5) which are intended to cover specified contingencies mentioned therein to enable the insurer to recover amount paid under the contract of insurance on behalf of the insured can be taken recourse of by the tribunal and be extended to claims and defences of insurer against ..... law of the land by virtue of article 141 of the constitution of india. in all the circumstances mentioned above, there may be special contract between the insured and the insurer stipulating indemnification of the liability of the insured in excess of the amount of the statutory liability provided in .....Tag this Judgment!
Court : Kolkata
Decided on : Sep-23-2009
..... respect of the disputes which are required to be decided under the said act as pointed out in section 14 of the act. the dispute as to specific performance of contract between a lessee and a third party subject to the permission of the lessor is not such a dispute, which is required to be decided by the authorities mentioned in ..... property to the plaintiff but the defendant nos. 1 and 2 expressed their unwillingness to transfer the property in terms of the agreement. hence the suit for specific performance of contract.3. on the basis of selfsame allegations made in the plaint, the plaintiff came up with an application for temporary injunction restraining the defendant nos. 1 and 2 from transferring ..... up with the present first miscellaneous appeal.2. the appellant before us filed in the trial court a suit being title suit no. 2 of 2007 for specific performance of contract against the respondents. in that suit, the urban development department, government of west bengal, was made proforma defendant. the case made out by the plaintiff may be summed up thus ..... bhaskar bhattacharya, j.1. this first miscellaneous appeal is at the instance of a plaintiff in a suit for specific performance of contract and is directed against order no. 10 dated 28th april, 2007, passed by the learned civil judge, senior division, second court, barasat in title suit no. 2 of 2007 thereby .....Tag this Judgment!
Court : Kolkata
Decided on : Sep-02-2009
..... , the bank had qualified its liability to pay the amount covered by the guarantee relating to 'advance mobilisation loan' to the executive engineer only if the obligations under the contract were not fulfilled by contractor or the contractor had misappropriated any portion of the 'advance mobilisation loan' and it was in these circumstances that the aforesaid clause would operate and ..... hyderabad or different courts in the state of andhra pradesh. (4) a bank guarantee must be honoured in accordance with its terms and the bank guarantee being an independent contract between the bank and the beneficiary, irrespective of any dispute between the beneficiary and the party at whose instance the bank had given the guarantee, the bank is obliged to ..... aforesaid registered office at new alipore that the plaintiff had been successful in the tender floated by the defendant no. 1 and subsequently, the plaintiff signed and made over formal contract-document to the defendant no. 1. the defendant no. 1 by its letter dated 13th january, 2007 requested the plaintiff to take up preliminaries and for mobilization- action. (d) ..... case made out by the plaintiff may be summed up thus: (a) the plaintiff is engaged in the business relating to construction of infrastructure, real estate, etc. and performed various contracts of national importance in the past including those of various government agencies. (b) the defendant no. 1 was in requirement of construction of 166 villas at gundia, district - ronga .....Tag this Judgment!
Court : Kolkata
Decided on : Sep-01-2009
..... whether the disputes before it are covered by an arbitration agreement to which the petitioner is a party. for, if the court finds that the grievance canvassed relates to contract qua contract or involves arduous disputes on facts, the court would, in any event, not allow the matter to continue in this extraordinary jurisdiction. in such a case the ..... read to include a debtor in respect of the subject nature of transaction. 127. the consideration here is not whether the reserve bank could have expressly included derivative contracts or intended to include parties engaged in derivative transactions with banks and financial institutions within the expression of willful defaulter in the circular. the more appropriate query is whether ..... the profit and loss account on expiry of the option.' 'equity index/equity futures/equity index/equity options/ embedded derivatives: ... xiii. the marked to market on derivative contracts is determined on a portfolio basis with net unrealised losses being recognised in the profit and loss account. unrealised gains are not recognised in profit and loss account on grounds ..... hereunder. this letter and annexures supercede all our oral and written communication on this subject: limits inr 2,00,00,000/- (rupees two crores only)validity of facility forward contracts: maximum 1 yearderivative : maximum 3 years with 1year break clausedocumentation 7. the borrower to furnish proof ofunderlying exposure which is sought to behedged, in a form acceptable to .....Tag this Judgment!
Court : Kolkata
Decided on : Aug-21-2009
..... exchange.62. a judgment reported at : (2007) 10 scc 33 (puravankara projects ltd v. hotel venus international) is next placed to demonstrate the distinction between administrative law and contract law and paragraphs 32 and 33 of the report are referred to in furtherance of the contention that the principles of fairness or reasonableness cannot be invoked to alter the ..... the report where the relevant previous pronouncements of the supreme court had been noticed: 9. it is well settled now that the courts can scrutinise the award of the contracts by the government or its agencies in exercise of their powers of judicial review to prevent arbitrariness or favouritism. however, there are inherent limitations in the exercise of the ..... a review of the administrative decision is permitted it will be substituting its own decision, without the necessary expertise, which itself may be fallible. the government must have freedom of contract. in other words, fair play in the joints is a necessary concomitant for an administrative body functioning in an administrative sphere or quasi-administrative sphere. however, the decision must ..... the minimum stipulated diet for any particular hospital or in respect of any particular tender would, ordinarily, be regarded as the highest bidder and entitled to be awarded the contract. the state suggests that this measure adopted would ensure that neither the quality nor the quantity of the diet is compromised and that patients get more than the minimum stipulated .....Tag this Judgment!
Court : Kolkata
Decided on : Aug-10-2009
..... country.2. on may 1, 2008, the appellant issued a notice inviting tenders (hereinafter referred to as nit) which envisaged planning, designing, engineering, supply, installation, testing, commissioning and annual maintenance contract for 18 million lines of gsm/umts r6 equipments in four parts of bsnl network. the nit is in four parts which are as follows:i) part 1 = covers planning ..... followed. the learned senior counsel further submitted that the interpretation placed on the tender document by bsnl has to be accepted especially in view of the specialized nature of the contract. it is also submitted by the learned senior counsel that the court ought not to exercise its jurisdiction under article 226 of the constitution of india in a contractual matter ..... , 2009 issued by the petitioner company to the chief general manager, kolkata telecom district, would reveal that the petitioners were aware that the cost of spares for the annual maintenance contract had not been deducted from the total price quoted by the petitioner company. paragraph 25(h) of the petition also refers to such matter, though only to demonstrate that the ..... the case of provash chandra dalui (supra) wherein it was held as follows:10. 'ex praecedentibus et consequentibus optima fit interpretatio.' the best interpretation is made from the context. every contract is to be construed with reference to its object and the whole of its terms. the whole context must be considered to ascertain the intention of the parties. it is .....Tag this Judgment!
Court : Kolkata
Decided on : Jul-30-2009
Reported in : 153CompCas332(Cal)
..... paragraph 16 that the investor grievances cell of nse replied on april 7, 1998, asking for a copy of the member-constituent agreement and the 'contract note issued by respondent no. 5. for verification'. a grievance was thereafter made in the applicants' earlier affidavit that the applicants could not discern the ..... that the terms of a compromise memorandum upon which a petition under article 226 of the constitution is disposed of are not a mere matter of contract between the parties. in effect, the supreme court held that a writ petition disposed of on compromise could not be reopened for the purpose ..... of the order. they say that a mistake of such nature is good ground for rescinding an agreement or avoiding the obligations under a concluded contract and the same principles would apply to a consent order. they suggest that an order passed at the suggestion of parties should not be ..... the suggestions of the parties. the petitioner shall by a covering letter furnish the agreement, a legible copy of form no. 6b and copies of contract notes in respect to the shares which the petitioner had purchased to respondent no. 3 its member-constituent. upon receipt of such documents and papers ..... of the constitution. on merits, the applicants' affidavit said that the petitioner was a rank stranger to the applicants as there was no privity of contract with the petitioner. it was incidentally mentioned (at paragraph 3 of the affidavit) that respondent no. 5 had defaulted in settlement of dues and in .....Tag this Judgment!