Court : Mumbai
Decided on : Dec-18-2006
Reported in : (2007)109BOMLR483
..... any other person, is called a 'contract of indemnity.125. rights of indemnity holder when sued - the promisee in a contract of indemnity, acting within the scope of his authority is entitled to recover from the promisor-(1) all damages which he may be compelled to pay ..... proceeds on a misconception of the rights of the indemnifier. it is therefore necessary to consider the same.113. sections 124 and 125 of the indian contract act read as under:124. 'contract of indemnity defined' - a contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of ..... essence of the matter is that subrogation springs not from payment only but from actual payment conjointly with the fact that it is made pursuant to the basic and original contract of indemnity.123. admittedly in the present case, original plaintiff no. 1 did not make payment of the amounts debited by the chemical bank in respect of the defendants account. admittedly ..... .84. banks, like any other party, have their own difficulties against which they would understandably desire to safeguard themselves. they are entitled to do so. article 12 constitutes a contract of indemnity. there is nothing either in principle or in law which disentitles them from obtaining an indemnify inter-alia against the acts of the negotiating bank in consideration of their opening .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Jul-06-2006
Reported in : AIR2007SC2361; 2006(5)ALD35(SC); 2006(3)AWC3124(SC); 2006(6)BomCR143; 132CompCas565(SC); 2006(2)CTLJ1(SC); JT2006(6)SC152; 2006(6)MhLj257; 2006(6)SCALE600; (2006)6SCC
..... was erroneously described as a preamble stating:.the preamble of the document in question creates an impression that the said document is a contract of indemnity and not a contract of guarantee.9.4. the high court, furthermore, inserted some words in the said document which in fact were not there, as for example, in paragraph 31 of ..... . (now reliance energy ltd. v. fenner india ltd. and anr. : air2006sc1148 ). however, in this case, we have no doubt in our mind that the document in question constitutes a contract of indemnity and not an absolute or unconditional bank guarantee. the high court, therefore, erred in construing the same to be an unconditional and absolute bank guarantee.10. rate of interestcontention of ..... or placed on the record by the appellants. the officer of the bank stated before the court that the document in question was intended to be a contract of guarantee and not a contract of indemnity. the written document (exhibit-46) as quoted above lays emphasis on the preamble as under....yet again, in the said paragraph, the operative portion of the document ..... appearing on behalf of the appellants submitted that:(i) on a true construction of the document dated 4th september, 1985, it would be seen that the same is a contract of indemnity and not a bank guarantee.(ii) the high court committed a manifest error in considering the oral evidence adduced by the parties in construing the said document dated 4th september .....Tag this Judgment!
Court : Mumbai
Decided on : Jun-05-2006
Reported in : 2006(3)ARBLR510(Bom); 2006(5)BomCR155
..... the judgment relied on by the petitioner of this court is concerned, in that judgment also the court has observed: at law an action on the contract of indemnity normally does not lie until the promise has been actually indemnified by paying the third party's claim. the right to indemnify, however, may arise under ..... clear that unless in law there is a contract of indemnity, there is no question of asking any payment from the person who is under an obligation to indemnify unless, actually payment is made, even ..... party, or even when the promissory is under no liability to the third party, as is the case in contracts of mere indemnity to the promise himself. in all other cases it may be open to the indemnity-holder to ask for a decree for the amount in question in his own favour. it is, thus, ..... the rules of which now prevail in all courts, even in the absence of such a special agreement, the person entitled to the indemnity may enforce his right ..... a special contract, on the true construction of which the right may be enforced, even at law, before actual loss has been sustained.but in equity, .....Tag this Judgment!
Court : Guwahati
Decided on : Sep-13-2006
..... section 157 of the act cannot be pressed into service.12. the basic theory of the insurance contract in such respect is the contract of indemnification. section 124 of the contract act defines the contract of indemnity according to which when one party promises to save the other from loss caused to him by ..... purpose of availing the benefit of indemnification, it is absolutely necessary that a specific contract with the promisor is required to be made, which is lacking in the instant case. on ..... 15.00 must be collected.13. in the instant case no such specific contract of indemnity has been entered into between the appellant and the insurance company. the appellant is not entitled to get the benefit of indemnity merely by giving information under section 157 of the mv act without anything more and ..... to the vehicle of the insured himself, that would be a matter falling outside chapter-xi of the new act and in realm of contract for which there must be an agreement between the insurer and the transferee, the former undertaking to cover the risk or damage to the vehicle ..... the conduct of the promisor himself, or by the conduct of any other person, is called a contract of indemnity. for the .....Tag this Judgment!
Court : Kolkata
Decided on : Apr-05-2006
Reported in : (2006)3CALLT346(HC)
..... may undertake a separate liability on a collateral or separate contract. a contract of indemnity is of course a specialized form of such a contract. consideration could if necessary be found by the entry into the main contract with the principal. examples of such contract are found in the case of breach of warranty of ..... supply corporation ltd. v. korea foreign transportation corporation and anr. reported in : air2002cal211 is not applicable as that case factually is based on a contract for carriage of goods entered into by the agent of the principal, and both the principal and agent sued. at the time of the trial ..... effective adjudication of the suit without claiming any relief. similarly, the agent can not enforce on behalf of the principal in relation to the contract entered into on behalf of the principal, who can enforce while doing it can join the agent as party plaintiff in the suit without ..... is guilty of breach of contractual obligation, tort and negligence. in particular, it has been pleaded in paragraph 15(b) that there was a contract or agreement between the plaintiff and defendant no. 1 as will be evidenced, inter alia, from the facts stated hereinbefore and/or from the conduct ..... a whole. it would appear therefrom that the plaintiff has several causes of action in the suit which includes inter alia, misrepresentation, breach of contract of carriage, breach of duty of care owed to the plaintiff, conversion of the goods and negligence. the plaintiff has also pleaded that the .....Tag this Judgment!
Court : Jammu and Kashmir
Decided on : May-05-2006
Reported in : 2006(2)JKJ407
..... needful.17. view taken by the tribunal, in my opinion, is erroneous; in that, it had erred to appreciate the true scope and meaning of a contract of insurance. the contract of insurance is a contract of indemnity for the tort feasor. the tort feasor, in case it desires to get itself indemnified, is, thus, required to prove that it had entered into any ..... such contract whereby the indemnifier was liable to satisfy the liability incurred by such person.18. it was, thus, the owner and not the insurance company, which was .....Tag this Judgment!
Court : Jharkhand
Decided on : Jul-12-2006
Reported in : IV(2006)ACC589; 2007ACJ2332
..... , or, whether the entire liability shall have to be borne by new india assurance co. ltd.?5. the policy of insurance is a contract of indemnity. when the insured ceases to be the owner of the vehicle, the contract becomes inoperative. the underlying principle of section 103-a of 1939 act was that a policy of insurance cannot be transferred by the insured ..... without the consent of the insurer. there is novation of the contract once the insurer agrees to transfer and the original assured is substituted by .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Sep-26-2006
Reported in : 2006(4)AWC3849(SC); IV(2006)BC578(SC); 137CompCas704(SC); (2007)3CompLJ538(SC); JT2006(12)SC284; 2006(9)SCALE557; (2006)10SCC332
..... encumbrance; or(b) bar a suit or affect any other right or remedy against any person other than a person referred to in that section, in respect of a contract of indemnity or guarantee entered into a relation to an agreement referred to in that section or in respect of any interest referred to in clause (a).(2) where the property of .....Tag this Judgment!
Court : Mumbai
Decided on : Apr-10-2006
Reported in : 2006ACJ1876; 2006(4)ALLMR195; 2006(4)BomCR58; 2006(3)MhLj735
..... provision in the motor vehicles act which would support the contention that even if the insured transfers a vehicle the insurance company continues to remain liable. the contract of insurance is a contract of personal indemnity and, therefore, the insured cannot transfer the benefits under a policy so long as such benefits are contingent. in short an insurance policy cannot be transferred by ..... the insured without the consent of the insurer. on the insurer agreeing to such a transfer there is a novation of the contract by which the original assured is .....Tag this Judgment!
Court : Gujarat
Decided on : Jul-28-2006
Reported in : (2006)205CTR(Guj)252; 288ITR196(Guj)
..... in favour of the insurance company. it was by virtue of the contract of insurance or of indemnity, and in terms of the conditions of the contract. the court further held that while paying for the total loss of or damage to the property, the insurance company took over such property ..... loss of the property, there was no transfer of it in favour of a third party. the money received under the insurance policy in such cases was by way of indemnity or compensation for the damage, loss or destruction of the property. it was not in consideration of the transfer of the property or the transfer of any right in it ..... or whatever was left of it, did not change the nature of the insurance claim which was indemnity or compensation for the loss. the payment by the insurance company was .....Tag this Judgment!