Court : Himachal Pradesh
Decided on : Jul-20-2007
Reported in : AIR2008HP27,2007(3)ShimLC10
..... 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.10. in the instant case, it is an admitted position that ..... the similar situation and it was held that the aforesaid view was entirely erroneous. it was further held that:.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 ..... 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 at that stage only that a suit for recovery of .....Tag this Judgment!
Court : Mumbai
Decided on : Jul-05-2007
Reported in : 2008ACJ1280
..... that the liability in respect of tortfeasor himself would be covered by the insurance company and that such tortfeasor (or his legal heir) could sue the insurance company under the contract of indemnity or under law of torts to pay compensation. hence no driver can claim compensation for the accident de son tort. consequently, the liberal construction of section 163-a of ..... was observed that though the m.v. act is a beneficial legislation and summary procedure alone may be followed by a tribunal in dealing with a claim, the contract of insurance is a contract of indemnity. consequently, when a car belonging to an owner and driven by the driver employed by the insured meets with an accident, the primary liability is that of ..... that the deceased was a tortfeasor and, therefore, compensation on account of his death or bodily injury could not be given by the insurance company under section ii of the contract of insurance stands to reason. the indemnity to be provided necessitates the liability to be incurred as a condition precedent. that liability would be upon the tort of negligence. this ..... , incur liability. that would be tortious liability. the insurance company would, therefore, indemnify the owner against any third party liability. this indemnity is the statutory liability of the insurance company in case of contracts of such insurance. the purpose of the indemnity is to pay compensation to a third party, i.e., a party who is an outsider--other than the two parties .....Tag this Judgment!
Court : Karnataka
Decided on : Jul-10-2007
Reported in : 2008ACJ1681; AIR2007Kant179; ILR2007KAR3543; 2007(6)KarLJ272
..... .v. act. it is further observed that the insurer has right of recovery from the insured or from the transferee.6. the contract of insurance is a contract of indemnity. the insurer is a indemnifier. insured is a indemnity holder. the essence of contract of insurance is to indemnify insured against the claim of third party. the expression' third party' means a person who is ..... not a party to the contract, but beneficiary of the contract and has right to enforce the terms of the contract against the insurer and the insured. section 147 of the .....Tag this Judgment!
Court : Mumbai
Decided on : Mar-22-2007
Reported in : 2007(3)ALLMR462; 2007(3)BomCR98; (2007)109BOMLR559; 79SCL583(Bom)
..... be considered as an investment so as to obtain for him a benefit of the policy holder.' life policies are now construed not as contracts of indemnity but to pay a certain sum in a certain event depending on the duration of human life.7. we may now examine the nature ..... various acts, including amendment to section 38 by providing a specific provision so as to bar certain actions of assignments. similarly, amendments to the contract act as also the income tax act to disallow exemption of life insurance proceeds in the hands of the assignees as also amendment to the ..... that there is any definite head or principle of public policy evolved by courts or laid down by precedents which would directly apply to wagering contracts.proceeding further the court then observed as under:even if it is permissible for courts to evolve a new head of public policy under ..... insurance policy of any type, public element is inherent in prescription of terms and conditions therein. the court held that the terms and conditions of the contract, if unreasonable, unfair or irrational, would be amenable to judicial review. dealing with offering insurance on life, it was observed that insurance being a ..... in the books of the 1st respondent. this business of assignment of life insurance policy is important and essential characteristics of the life an insurance contracts. a life insurance policy is the personal movable property of the policy holder. the assignment of policies has led to the business of acquisition of .....Tag this Judgment!
Court : Madhya Pradesh
Decided on : Aug-16-2007
Reported in : III(2008)BC177
..... .17. the terms of the document on the basis of which the respondent nos. 1 and 3 has claimed the amount from the bank guarantee constitute a contract of guarantee and not a contract of indemnity. under the bank guarantee in question, the bank has undertaken to pay any amount not exceeding rs. 20,23,675/- to the respondent nos. 1 and 3 ..... encashing the bank guarantee even if dispute between the beneficiary and the person at whose instance the bank guarantee was given by the bank, had arisen in performance of the contract or execution of the works undertaken in furtherance thereof. the bank unconditionally and irrevocably promised to pay, on demand, the amount of liability undertaken in the guarantee without any ..... sole arbitrators shall be final and binding on the parties thereto. the arbitrators shall determine the amount of costs of arbitration to be awarded to either parties.performance under the contract shall continue during the arbitration proceedings and payments due to the contractor shall not be withheld unless they are the subject matter of the arbitration proceedings.all awards shall be ..... an additional security deposit subject to the condition that the total amount of such deductions together with the amount of initial security deposit shall not exceed ten percent of the contract value.if the contractor expressly requested in writing he will be permitted to convert the security deposit from his bills into interest bearing govt, securities or interest bearing deposits pledged .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Apr-02-2007
Reported in : 2007ACJ1284; AIR2007SC1609; 2007(3)ALD99(SC); 2007(3)AWC2116(SC); 137CompCas116(SC); (2007)3GLR2356(SC); JT2007(5)SC65; (2007)2MLJ1330(SC); 2007(3)MPHT1(SC); 2007(5)S
..... with a claim for compensation under the act should ignore all basic principles of law in determining the claim for compensation. ordinarily, a contract of insurance is a contract of indemnity. when a car belonging to an owner is insured with the insurance company and it is being driven by a driver employed by the ..... the owner of the vehicle or as an employee, he is not covered by the insurance policy taken in terms of the act -- without any special contract -- since there is no award under the workmen's compensation act that is required to be satisfied by the insurer. in these circumstances, we hold that ..... which are involved are very finely drawn.19. in new india assurance co. ltd. v. rula and ors. : 2scr148 , this court postulated that the contract of insurance in respect of motor vehicles has to be construed in the light of sections 146(1), 147(5) and 149(1) of the motor-vehicles act, ..... of the finding that the deceased was himself driving the vehicle belonging to his employer, the insurance company had no liability. there was no special contract and since it was only a policy in terms of the motor vehicles act, the insurance company cannot be asked to pay the amount awarded which ..... provided with a car by the employer. the vehicle was insured with the appellant company in terms of the motor vehicles act, 1988. there was no special contract. on 14.6.1999, the vehicle met with an accident. suresh chandra variyal, died. the widow and daughter of suresh chandra variyal, filed a claim .....Tag this Judgment!
Court : Kolkata
Decided on : Jul-30-2007
Reported in : 2007(4)CHN738
..... the case of mula sahakari sakhar (supra) the court construed the 'document itself and came to the conclusion that the document in question constitutes a contract of indemnity and not an absolute or unconditional bank guarantee and on such finding the appeal was allowed.23. in the case of larsen & toubro ltd. ..... submitted that the appellant/petitioner, the cil fraudulently concealed the fact that the cil intended to change the terms and conditions of the said contract for the year 2006-07 and falsely induced the respondent to agree with the supply for the extended period commencing from 1st march,19. mr ..... caused charges and charges/expenses caused to or suffered by or that that may be caused. therefore, it can be stated to be a contract of indemnifying the claim of the appellant.mr. chatterjee further vehemently submitted that the action on the part of the appellant/petitioner is nothing ..... suffered by purchaser by reason of breach or breaches by the said suppliers or any of the terms and conditions contained in the said contract and unconditionally to pay the amount claimed by the purchaser on demand without demur to the extent aforesaid.he further submitted that it has ..... for such supply, respondent no. 1 and its subsidiaries issued notices inviting tender from its approved suppliers. the respondent/plaintiff was awarded a running contract for the period from march, 2004 to 25th february, 2005 by the appellant/petitioner for supply of bulk explosives to the subsidiaries of the respondent .....Tag this Judgment!
Court : Chennai
Decided on : Jan-29-2007
Reported in : II(2007)ACC226; 2008ACJ2480
..... him' under section 147 of the insurance act refers to the insured. therefore, the insurer is liable to indemnify the liability of the owner. any contract of indemnity would last till the lifetime of either of the contracting parties. with the death of the owner, the policy comes to an end and, therefore, the insurance company is not liable to compensate for the ..... following words:third party risks - road traffic act, 1930 (clause 43), (section 35), road traffic act, 1972 (clause 20), (section 143) connotes that the insurer is one party to the contract, that the policy holder is another party, and that the claims made by others in respect of the negligent use of the car may be naturally described as claims by ..... , in understanding the true meaning and import of the term. the term 'third party' must necessarily refer to a party other than those, who are parties to the contract of insurance. for a contract of insurance, the insurer is one party while the policy holder is the other party. any person or persons other than the said two party or parties would .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Jul-27-2007
Reported in : 2007(5)ALD866
..... 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 in 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 ..... of the second report the narasimham committee deals about legal and legislative framework and observed:8.1. a legal framework that clearly defines the rights and liabilities of parties to contracts and provides for speedy resolution of disputes is a sine qua non for efficient trade and commerce, especially for financial intermediation. in our system, the evolution of the legal framework .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Aug-07-2007
Reported in : 2008(2)ALD565; 2008(3)ALT576
..... mean that a tribunal approached with a claim for compensation under the act should ignore all basic principles of law in determining the claim for compensation. ordinarily, a contract of insurance is a contract of indemnity. once the driver is liable, the owner of the vehicle becomes vicariously liable for payment of compensation. it is this vicarious liability of the owner that is .....Tag this Judgment!