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Judgment Search Results Home > Cases Phrase: discharge indian contract act Page 1 of about 43,655 results (0.159 seconds)

Apr 19 1954 (SC)

The Commissioner of Income-tax, Bombay South, Bombay Vs. Ogale Glass W ...

Court : Supreme Court of India

Reported in : AIR1954SC429; (1954)56BOMLR1196; [1954]24CompCas520(SC); [1954]25ITR259(SC); [1955]1SCR185

..... government made the payments in the prescribed manner, i.e., by cheques, it fulfilled its engagement and such payment would under section 50 of the indian contract act, operate as a discharge of the contract. it should also be remembered that the assessee sent its formal stamped receipts only after the receipt of the cheques and not along with the ..... debtor performs his obligation in the manner prescribed and sanctioned by the creditor and thereby discharges the contract by such performance (see section 50 of the indian contract act and illustration (d) thereto). 31. sri kolah points out that when the indian contract act, 1872, was passed, the indian post-office act, 1866, was in force. he has taken us through the relevant provisions of ..... that old act and he points out that those provisions were quite different from those of the present act. according to him illustration (d) to section 50 of the indian contract act ..... must, after the passing of the act of 1898, be taken to have become inappropriate, obsolete and incorrect. we .....

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Apr 19 1954 (SC)

Commissioner of Income-tax, Bombay South, Bombay Vs. Ogale Glass Works ...

Court : Supreme Court of India

Reported in : [1954]25ITR529(SC); 1954(II)MhLj67

..... made the payments in the prescribed manner, i.e., by cheques, it fulfilled its engagement and such payment would, under section 50 of the indian contract act, operate as a discharge of the contract. it should also be remembered that the assessee sent its formal stamped receipts only after the receipt of the cheques and not along with the bills ..... debtor performs his obligation in the manner prescribed and sanctioned by the creditor and thereby discharges the contract by such performance [see section 50 of the indian contract act and illustration (d) thereto].sri kolah points out that when the indian contract act, 1872, was passed, the indian post office act, 1866, was in force. he has taken us through the relevant provisions of that ..... old act and he points out that those provisions were quite different from those of the present act. according to him illustration (d) to section 50 of the indian contract act ..... must, after the passing of the act of 1898, be taken to have become inappropriate, obsolete and incorrect. we .....

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Apr 12 2002 (SC)

industrial Finance Corporation of India Ltd. Vs. the Cannanore Spinnin ...

Court : Supreme Court of India

Reported in : AIR2002SC1841; 2002(3)ALD113(SC); 2002(2)ARBLR676(SC); II(2002)BC430(SC); [2002]110CompCas685(SC); (2002)4CompLJ337(SC); JT2002(4)SC318; (2002)3MLJ144(SC); 2002(3)SCALE574;

..... be entitled to every remedy which the creditor has against the principal debtor, including the enforcement of every security stands statutorily recognised and incorporated in section 141 of the indian contract act as regards the discharge of a surety from liability, when the creditor parts with or loses the security held by him with, however, an insignificant variation to the effect that the surety ..... )4. at this juncture, it would also be convenient to note the true effect of sections 139 and 140 of the indian contract act, 1872 as well, which read as under : '139. discharge of surety by creditor's act or omission impairing surety's eventual remedy, - if the creditor does any act which is inconsistent with the rights of the surety, or omits to do any ..... but only such liabilities which are specified in sub-section (2) thereof. 20. upon specific reliance on to sections 140 and 141 of the indian contract act (noticed above), the high court stated'section 140 and 141 of the indian contract act together safeguard the interests of the surety on the payment or performance by the principal debtor and in respect of the security which the ..... matters beyond the control of all concerned, are put to make good all legal claims of the creditor. such equities as are envisaged under section 140 and 141 of the indian contract act, in our view, are not available to the plaintiff so that it may, after realising the claims form the appellants (sureties)m come to have the benefit of the securities .....

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Sep 13 1933 (PC)

The Bank of Hindustan Ltd. Vs. N. Govindarajulu Naidu

Court : Chennai

Reported in : AIR1934Mad75; 147Ind.Cas.1146; (1934)66MLJ180

..... the case of negotiable instruments, except to the limited extent recognised in section 39 of the act. that section runs thus:when the holder of an accepted bill of exchange enters into any contract with the acceptor which, under section 134 or 13s of the indian contract act, 1872, would discharge the other parties, the holder may expressly reserve his right to charge the other parties ..... , and in such ease they are not discharged.21. why the legislature has thought fit to enact a special section ..... of section 135 of the contract act.10. it seems to me that these observations in shephard, j.'s judgment in ramakistnayya v. kassim i.l.r. (1889) mad. 172, far from being an authority in favour ..... he observes;that section (section 135 of the contract act) has to be read with the provisions of the negotiable instruments act; and as here there was--within the meaning of the negotiable instruments act, section 37--a 'contract to the contrary' making defendant a surety instead of principal debtor, the defendant is entitled to be discharged if he can bring the case within the terms .....

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Jun 15 1998 (HC)

State Bank of India Vs. Dharam Kumar and anr.

Court : Chennai

Reported in : [2000]102CompCas166(Mad); (1998)IIMLJ774

..... suit amount, the second defendant did not choose to reply.13. section 133 of the indian contract act provides thus :'discharge of surety by variance in terms of contract.--any variance made without the surety's consent in the terms of the contract between theprincipal (debtor) and the creditor, discharges the surety as to transactions subsequent to the variance.'the principle of the law of the ..... to be valid consent as contemplated under section 133 of the act.17. chapter viii of the indian contract act deals with the indemnity and guarantee consisting of sections 124 to 147. among these sections, section 128 deals with the surety's liability. sections 132 to 136 deal with the liability of the sureties and discharge of their liabilities. section 139 deals with the ..... discharge of surety by creditor's act or omission impairing surety's eventual ..... is true that the single judge of the punjab high court observed that the words 'in the absence of any special contract' as contained in sections 152 and 163 of the contract act are not available in section 133 of the indian contract act. in my view, it is not necessary for the legislature to provide the words 'in the absence of any special .....

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Sep 07 1942 (PC)

Bondru Avasu Mahajan Vs. Dagadu Ekoba Dhake

Court : Mumbai

Reported in : AIR1943Bom246; (1943)45BOMLR438

..... was held on the merits that the adjustment had the effect of giving time to the judgment-debtor and that therefore on the principle underlying section 135 of the indian contract act the surety was discharged. the suit was, therefore, decreed as prayed.4. on appeal, the learned assistant judge agreed with the trial court in holding that the suit was neither barred by ..... liabilities governing the surety in such cases. section 135 of the indian contract act lays down thata contract between the creditor and the principal debtor, by which the creditor makes a composition with, or promises to give time to, or not to sue the principal debtor, discharges the surety, unless the surety assents to such contract.6. it has been held by our court in parvatibai ..... that as the adjustment could not be recognised, the plaintiff cannot prove that he had been prejudiced and that therefore he cannot take the benefit of section 135 of the indian contract act. on those grounds the appeal was allowed and the plaintiff's suit dismissed.5. the plaintiff has, therefore, come to this court in second appeal and the main contention urged ..... his liability. the law as observed by the privy council in pratapsing moholalbhai v. keshavlal harilal (1934) 37 bom. l.r. 315 is that the surety is discharged forthwith on the contract being altered without his consent. the lower court has relied upon a decision in tambi reddy v. devi reddy i.l.r. (1898) mad. 325 which held that the surety .....

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Jun 08 2004 (HC)

Bank of Baroda Vs. Avdoot Bhagwant Naik and ors.

Court : Mumbai

Reported in : AIR2005Bom224

..... must be deemed to be a loss by the bank of the securities which the bank had at the time when the contract of surety was entered into and invoking the principle of section 141 of the indian contract act the apex court discharged the liability of the surety to the bank to the extent of rs. 35,690/-.25. in the case of m ..... the english rule that the surety is entitled to the securities given to the creditor both before and after the contract of surety. but subject to this variation. section 141 of the indian contract act incorporates the rule of english law relating to the discharge from liability of a surety when the creditor parts with or loses the security held by him.24. the hon ..... .12. a brief reference to the relevant sections of the indian contract act, 1872 (act, for short) relied upon by the learned counsels will not be out of context.13. section 126 defines a 'contract of guarantee', 'surety', 'principal debtor' and 'creditor' and states that a 'contract of guarantee' is a contract to perform the promise, or discharge the liability, of a third person in case of his ..... to give time' to defendant no. 1 as contemplated by section 135 of the indian contract act. it is to be noted that by virtue of agreement of guarantee - exh. pw. 1/22 the defendant nos. 2 to 4 had agreed and guaranteed to the plaintiff due payment and discharge on demand of all amounts due and payable to the plaintiff. since the liability .....

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Jun 16 1902 (PC)

Ranjit Singh and anr. Vs. Naubat and ors.

Court : Allahabad

Reported in : (1902)ILR24All504

..... his principal debtors. the decree is dead, and they are released from all responsibility under it. the sureties then would, under the rule of section 134 of the indian contract act, stand discharged likewise by virtue of this omission of the creditor. but it was argued that (section 137 ib) 'mere forbearance on the part of the creditor to enforce his remedy ..... of haja, rimal v. krishnarav (1881) i.l.r. 5 bom. 647. the question turns upon the true construction of several sections of the indian contract act, the first and most important of which is section 134. this provides that 'the surety is discharged by any contract between the creditor and the principal debtor, by which the principal debtor is released, or by any ..... case of suits against agriculturists, applies to all agriculturists, whether principals or sureties, in the districts affected by the act. in the judgment of the court the meaning of the sections of the indian contract act to which we have referred, relating to contracts of guarantee, were considered, and the learned judges were of opinion that mere forbearance means a forbearance not resting upon ..... sureties to recover the amount of the decree. it was held that the legal consequence of the omission to execute the decree being the discharge of the principal debtor, the sureties would, under section 134 of the contract act, stand discharged likewise; that the action of the decree-holder was much more serious than 'mere forbearance' in favour of his debtors in the .....

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Jun 26 1959 (HC)

inder Singh and anr. Vs. State

Court : Allahabad

Reported in : AIR1960All419

..... to be responsible for the production of the accused in court referred to in, or contemplated by, the surety bonds.8. section 134 of the indian contract act governs the discharge of surety by release or discharge of principal debtor. it provides that the surety is discharged by any contract between the creditor and the principal debtor, by which the principal debtor is released, or by any ..... sureties they would stand discharged as soon as the case is transferred to another court.10. the principle of equity cannot also be of any help to the sureties. they ..... principal debtor namely, accused, is not discharged. he has to undergo his trial in one court or the other. further, by the transfer of the case there is no act or omission on the part of the court or the state by which the accused is discharged.9. in other words, there is no provision in the indian contract act where under surety bonds executed by ..... enforced once the case had been transferred to another court.6. section 56 of the indian contract act runs as below :agreement to do impossible act: an agreement to do an act impossible in itself is void.contract to do act afterwards becoming impossible or unlawful : a contract to do an act which, after the contract is made, becomes impossible, or by reason of some event which the promisor could .....

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Feb 21 1967 (HC)

S. Zoiraster and Co. Vs. Commissioner of Income-tax, Delhi, Ajmer, Raj ...

Court : Delhi

Reported in : [1968]68ITR770(Delhi)

..... the payments in the prescribed manner, i.e., by cheques, it fulfillled its engagement and such payment would, under section 50 of the indian contract act, operate as a discharge of the contract. it should also be remembered that the assessed sent its formal stamped receipts only after the receipt of the cheques and nto along with the ..... the cheques were delivered to it. we find ourselves substantially in agreement with this conclusion. it is to be remembered that there are four modes in which a contract may be discharged, namely, (1) by agreement, (2) by performance, (3) by being excused by law from performing it, and (4) by breach. in this ..... of the cheques. these two circumstances, so submits the solicitor-general, are nto sufficient to establish the fact of the acceptance of the cheques as unconditional discharge. he contends that, in the absence of an express agreement, it is only when the creditor elects to take a bill or cheque having it in ..... this is reference under section 66(1) of the indian income-tax act, 1922 (to be hereinafter referred to as &quto;the act&quto;). the question of law, referred for the opinion of this court, is :&quto;whether, on the facts and circumstances of the case ..... case clause 15 of the contact provides how the payment of the price is to be made. in short the contract itself, by that clause prescribed the manner and the .....

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