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Judgment Search Results Home > Cases Phrase: pawnee contract Court: drat madras Year: 2005 Page 1 of about 16 results (0.019 seconds)

Aug 11 2005 (TRI)

National Textile Corporation Vs. Syndicate Bank

Court : DRAT Madras

Decided on : Aug-11-2005

Reported in : I(2006)BC54

..... such, the argument advanced on behalf of the appellant cannot at all be countenanced and the appellant should have taken all care to ratify the contract of the respondent with the sick industry and for its failure or omission, the respondent bank cannot be made as a scape goat.therefore, i ..... 30 of the sick textile undertakings (nationalisation) act, 1974 (hereinafter called the 'act'). admittedly, the appellant had not chosen to refuse or ratify the contract entered into by the respondent with the 1st defendant mill and, therefore the appellant is liable to reimburse the respondent bank in respect of the said amount. ..... the said fact and passed order, which is not sustainable.6. on the contrary, the learned advocate for the respondent bank would contend that the contract made by the 1st defendant company with the japanese firm is binding on the 12th defendant viz., the appellant, and the said sum of rs. 2 ..... purchase of the machinery and with whom the undertaking came to be vested under the act, that it would be deemed to have ratified the contract but has not chosen to ratify the same in time, the appellant was liable to reimburse the respondent bank. the appellant, who was the ..... ground that it was a post-nationalisation liability.2. the respondent bank filed a suit in os- 1022/1988. sub-court, coimbatore, claiming that the contract given to the japanese company was binding upon the appellant herein viz., national textile corporation (12th defendant) and the said sum of rs. 2,87,785 .....

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Aug 29 2005 (TRI)

State Bank of Hyderabad Vs. M. Somasundaram

Court : DRAT Madras

Decided on : Aug-29-2005

Reported in : I(2006)BC62

..... mentioned in the sale deed and could not be by mere implication. the property was not sold subject to encumbrances and therefore in the absence of a contract to the contrary the vendor was under an obligation to discharge the encumbrances".8. the learned advocate for the respondent has further submitted that sub-clause (g ..... to indicate that the property was sold on a contract to the contrary as stated in section 55 or subject to any encumbrance.5. coming to the modes for recovery of the debts under rddb&fi act, ..... property upto the date of sale and the vendor is liable to pay those charges. the only exception is that if the property is sold on a contract to the contrary as stated in section 55, the seller is not liable to pay these amounts. but in the instant case, there is no material ..... proper conveyance of the property when the buyer tenders it to him for execution at a proper time and place; (e) between the date to the contract of sale and the delivery of the property, to take as much care of the property and all documents of title relating thereto which are in his possession ..... section 55 of the transfer of property act deals with the rights and liability of the buyer and seller which is as under- in the absence of a contract to the contrary, the buyer and the seller of immovable property respectively are subject to the liabilities, and have the rights, mentioned in the rules next following .....

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Sep 08 2005 (TRI)

State Bank of India Vs. Regional General Manager, the

Court : DRAT Madras

Decided on : Sep-08-2005

Reported in : IV(2005)BC244

..... complied with except in case of obvious fraud of which the bank has notice. the existence of dispute between the parties and the primary contract or the possibility of a reference of these disputes to arbitration or the pendency of proceedings on such a reference have absolutely no relevance to the obligation of the bank ..... created by the document itself. once the documents are in order, the bank giving guarantee must honour the same and make payment without any demur. the guarantee is an autonomous contract and imposes an absolute obligation on the bank in its terms and the bank is bound to pay when called upon to do so as long as the terms are ..... guarantee is given effect to. in our case, the guarantee is unconditional and as a matter of fact, the bank had undertaken to honour the contract without any reference to the buyer. the solemn undertaking given by the bank cannot be breached. hence, i am unable to agree with the arguments advanced on behalf of the ..... v.vijaya kumar and ors., i 4. it is a well recognised principle of civil jurisprudence that a contract of guarantee by a bank in favour of the beneficiary is an independent contract in between the bank and the said beneficiary and the said contract can always be enforced by the beneficiary by invoking the bank guarantee at any time during the subsistence .....

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Jul 12 2005 (TRI)

Federal Bank Limited Vs. Sri Sathya Prakash kavitha and

Court : DRAT Madras

Decided on : Jul-12-2005

Reported in : III(2005)BC196

..... of a past transaction is a sufficient consideration to the surety for giving the guarantee. but, however, illustration (c) to section 127 of the contract act states that if the consideration was passed earlier and the surety agrees to pay the amount in default of the principal debtor without passing consideration contemporaneously ..... , without consideration, agrees to pay for them in default of b. the agreement is void." on a plain reading of section 127 of the contract act, it would not give room to any doubt, that if the guarantee agreement executed is for the benefit of the principal debtor then it ..... is a subsequent act. i am of the opinion, that by such execution of the guarantee agreement, the 2nd defendant had the consideration for the contract. when that is established and accepted, there would not be any difficulty in fixing the liability to the 2nd defendant, who is the guarantor.8 ..... for the benefit of the principal debtor and it is a sufficient consideration to the surety for giving guarantee as postulated in section 127 of the contract act, 1872, which reads as under: "consideration for guarantee.--anything done, or any promise made, for the benefit for the principal debtor, may ..... debt, default or miscarriage of another as distinguished from an original and direct engagement for the parties" own act. for the validity of a contract of guarantee it is adequate consideration if anything is done or any promise made for the benefit of the principal debtor. the creditor must have .....

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Jul 21 2005 (TRI)

Kailash Chandra Gaur Vs. Central Bank of India and ors.

Court : DRAT Madras

Decided on : Jul-21-2005

Reported in : I(2006)BC194

..... remedy of the surety himself against the principal debtor is thereby impaired and the surety is discharged as provided under sections 139 and 141 of the contract act. to strengthen this position, the appellant relied upon the case of state bank of saurashtra v. chitranjan ranganath raja and anr. and state ..... the guarantee. the bank also did not reserve any right to adjust the future credits towards subsequent advances. that in the absence of any contract in the contrary, all subsequent credits would go to discharge the earlier debt, which existed prior to the date of revocation and if this ..... the directorship of the 1st defendant company and the request for revocation of the guarantee, would not absolve him from the liability as the contract between the appellant and the respondent bank is a continuing guarantee. the claim against the appellant is also not barred in view of clause 2 ..... can be revoked at any time but only in respect of the future transactions by notice to the creditor as postulated in section 130 of the contract act. nothing is immortal in this world. all creations are subjected to decay and destruction guarantee is also liable to revocation. as such, continuing ..... the learned advocate for the appellate contended that the appellant is not liable to pay the debt, on the question of limitation, substitution of contract, laches and negligence and public policy.except the loans obtained by the 1st defendant company for which the appellant stood surety under exhs. a-23 .....

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Aug 09 2005 (TRI)

State Bank of India Vs. Monarch Cyber Solutions Limited

Court : DRAT Madras

Decided on : Aug-09-2005

Reported in : IV(2005)BC204

..... general terms in section 128 of the act is no doubt co-extensive with that of the principal debtor, but this liability is also subject to the terms of the contract; because section 128 of the act itself specifically provides that the liability of a surety is co-extensive with that of the principal debtor unless it is otherwise provided by ..... the contract act. this is the view taken in the case of t. raju setty v. bank of baroda, , wherein, it was held that, "the liability of the surety as stated in ..... , the appellants contention is that the guarantors bind themselves in clause (7) of the agreement that the guarantors will not claim any benefit under sections 140 and 141 of the contract act and thereby waived their right. in such an event, it cannot be stated that the said waiver is also against the public policy as contemplated under section 23 or ..... faith or belief that the bank has taken and/or may hereafter take any or other such security and that notwithstanding the provisions of sections 140 and 141 of the contract act, 1872 or any other section of that act or any other law, the guarantors will not claim to be discharged to any extent." 7. pointing out this clause in .....

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Dec 30 2005 (TRI)

N. Sanjeeva and anr. Vs. State Bank of Travancore

Court : DRAT Madras

Decided on : Dec-30-2005

Reported in : II(2006)BC158

..... including the liability of this defendant. the respondent-bank also entered into an agreement with the first defendant without any reference to this defendant which amounts to a novation of contract and thereby the liability of this defendant was relinquished and discharged. the defendant also denies execution of any revival letter, balance confirmation letter, as stated by the respondent-bank and ..... the first defendant after the dissolution of the partnership without the consent of the third defendant, he is discharged by the said variance of the new contract, irrespective of any agreement said to have been executed by the third defendant. as such, the third defendant is also not liable to pay any amount to the respondent-bank. ..... it is, therefore, contended that it is clear novation of the contract, which discharges the appellants from the liability. section 62 of the contract act deals with novation of contract, which states, "if the parties to a contract agree to substitute a new contract for it, or to rescind or alter it, the original contract need not be performed". the third defendant who stood as a ..... guarantor also stands discharged by variance in terms of the contract, as the said variance was done without his consent as provided under section 133 of the contract act which states, "any variance made without the surety's consent, in the terms of the contract between the principal debtor and the creditor, discharges the surely as to transactions subsequent .....

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Mar 04 2005 (TRI)

State Bank of India Vs. V.N. Anantha Krishnan

Court : DRAT Madras

Decided on : Mar-04-2005

Reported in : II(2005)BC173

..... context. his finding, therefore, on this point is also be to rejected.13. in view of the provision of law incorporated in section 128 of the contract act and reiterated by the supreme court, the learned presiding officer was not correct in giving the direction to the bank that the bank should proceed against the ..... that because of the negligence of the bank with respect to the hypothecated goods, defendant no. 6 was entitled protection given by section 139 of the indian contract act.observing as above with respect to defendant no. 6, the learned po, however, said that though, defendant no. 6 was entitled to be absolved ..... he said that the reliance placed upon by the learned. po on karnataka high court (supra) was erroneous. section 128 of the indian contract act, 1872, lays down categorically that liability of the surety is co-extensive with that of the principal debtor, unless it is otherwise provided by the ..... relying only on this statement the learned presiding officer has sought to give benefit of section 139 of the indian contract act to defendant no. 6. for the sake of convenience, section 139 of the contract act can be reproduced below: "139. discharge of surety by creditor's act or omission impairing surety's ..... 1969 supreme court 297. the bank of bihar ltd. v. dr. damodar prasad and anr., "under section 128, save as provided in the contract, the liability of the surety is coextensive with that of the principal debtor. the surety thus becomes liable to pay the entire amount. his .....

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Jun 14 2005 (TRI)

Tmt. S. Ramamani Vs. Punjab National Bank

Court : DRAT Madras

Decided on : Jun-14-2005

Reported in : III(2005)BC193

..... s lien in all angles by extracting several quoting's from halsbury's laws of england, 2nd edition, chalmers on bills of exchange; 13th edition; chitty on contract, 26th edition and also pager's law of banking 8th edition, page 498, which reads, "the banker's lien apart from any specific security, the banker ..... general lien in respect of the title deeds of the immovable property as the title deeds are not 'goods' as defined under section 171 of the indian contract act, any event, the appellant is not liable to answer any of the claims of the respondent bank and, therefore, she is an unnecessary ..... "bankers, most undoubtedly, have a general lien on all securities, deposited with them, as bankers, by a customer, unless there be an express contract, or circumstances that show an implied contract, inconsistent with lien." the above said two definitions go a long way in defining the banker's lien and state that the bank has got ..... but no other persons have a right to retain, as a security for which balance, goods, bailed to them, unless there is an express contract to that effect." it is, therefore, contended that the respondent bank has got a general lien in respect of the title deeds also as there is no ..... contract to the contrary between the bank and the original pledgors.9. the respondent further contended that during the pendency of the suit of the : .....

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Jul 29 2005 (TRI)

G. Krishnappa and ors. Vs. Sangli Bank Ltd. and ors.

Court : DRAT Madras

Decided on : Jul-29-2005

Reported in : IV(2005)BC136

..... failure to protest is not acquiescence. (3) the prevalence of banking practice legitimatises stipulations as to interest on periodical rests and their capitalisation being incorporated in contracts. such stipulations incorporated in contract voluntarily entered into and binding on the parties shall govern the substantive rights and obligations of the parties as to recovery and payment of interest.the learned ..... that is, a debtor entering into a fresh agreement with creditor undertaking payment of previously borrowed principal amount coupled with interest by treating the sum total as principal, any contract express or implied and an express acknowledgement of accounts are best evidence of capitalisation. acquiescence in the method of accounting adopted by the creditor and brought to the knowledge ..... liability on the guarantors. it is, therefore, submitted that letters of guarantee in exhs. a21, a23 and a28 are not legal and valid as section 142 of the contract act states, "any guarantee which has been obtained by means of misrepresentation made by the creditor, or with his knowledge and consent, concerning a material part of the transaction ..... states that, "the plaintiff may at his option, join as parties to the same suit all or any of the persons severally, or jointly and severally, liable on anyone contract, including the parties to bills of exchange, hundis and promissory notes". section 25 of the indian partnership act, 1932, states that, "every partner is liable, jointly with all .....

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