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Documents citing M/S. Oriental Kuries Ltd. Rep. By Its ... vs Lissa on 6 November, 2019

Unitech Limied vs Telangana State Industrial ... on 17 February, 2021

(2002) 1 SCC 367 16 Oriental Kuries Ltd. v. Lissa, (2019) 19 SCC 732; Bhubaneshwar Development Authority v. Susanta Kumar Mishra, (2009) 4 SCC 684 17 (1987) 2 SCC 424 40 PART E “5…“The question whether a particular stipulation in a contractual agreement is in the nature of a penalty has to be determined by the court against the background of various relevant factors, such as the character of the transaction and its special nature, if any, the relative situation of the parties, the rights and obligations accruing from such a transaction under the general law and the intention of the parties in incorporating in the contract the particular stipulation which is contended to be penal in nature. If on such a comprehensive consideration, the court finds that the real purpose for which the stipulation was incorporated in the contract was that by reason of its burdensome or oppressive character it may operate in terrorem over the promiser so as to drive him to fulfil the contract,, then the provision will be held to be one by way of penalty.” Therefore, considering the position of Unitech-which knowingly entered into the Development Agreement with full knowledge of the pending litigation and with an intention to continue with the project after a delay of over seven years, up until a decision by this Court, we find that the interest rate is payable to Unitech, without compounding.
Supreme Court of India Cites 45 - Cited by 111 - D Y Chandrachud - Full Document

The Commissioner Of Income Tax Iii, ... vs M/S Shriram Chits Pvt Ltd, Hyderabad on 9 June, 2023

In Oriental Kuries Limited (supra), the issue which had arisen for consideration before the Supreme Court was with respect to the jural relationship between a chit fund entity and the subscribers created by the chitti agreement; the related question was whether it is a debt in praesenti or a promise to discharge a contractual obligation. After an elaborate analysis, Supreme Court has held that the relationship between a chit subscriber and the chit foreman is a contractual obligation which creates a debt on the day of subscription. On default taking place, the foreman is entitled to recover the consolidated amount of future subscriptions from the defaulting subscriber in a lump sum. Supreme Court has held as follows:
Telangana High Court Cites 38 - Cited by 0 - Full Document

The Commissioner Of Income Tax Iii, ... vs M/S Shriram Chits Pvt. Ltd., Hyderabad. on 9 June, 2023

In Oriental Kuries Limited (supra), the issue which had arisen for consideration before the Supreme Court was with respect to the jural relationship between a chit fund entity and the subscribers created by the chitti agreement; the related question was whether it is a debt in praesenti or a promise to discharge a contractual obligation. After an elaborate analysis, Supreme Court has held that the relationship between a chit subscriber and the chit foreman is a contractual obligation which creates a debt on the day of subscription. On default taking place, the foreman is entitled to recover the consolidated amount of future subscriptions from the defaulting subscriber in a lump sum. Supreme Court has held as follows:
Telangana High Court Cites 38 - Cited by 0 - Full Document

The Commissioner Of Income Tax, ... vs M/S. Shriram Chits Pvt, Ltd, Hyderabad on 9 June, 2023

In Oriental Kuries Limited (supra), the issue which had arisen for consideration before the Supreme Court was with respect to the jural relationship between a chit fund entity and the subscribers created by the chitti agreement; the related question was whether it is a debt in praesenti or a promise to discharge a contractual obligation. After an elaborate analysis, Supreme Court has held that the relationship between a chit subscriber and the chit foreman is a contractual obligation which creates a debt on the day of subscription. On default taking place, the foreman is entitled to recover the consolidated amount of future subscriptions from the defaulting subscriber in a lump sum. Supreme Court has held as follows:
Telangana High Court Cites 38 - Cited by 0 - Full Document

M/S. Ushabala Chits Private Limited vs Lissa &Ors on 10 December, 2025

18. The Honb'le Supreme Court of India, in the case of Oriental Kuries Limited Vs. Lissa &Ors1, had an occasion to consider whether future installments payable by a chit subscriber would be a debt owed to the chit foreman and whether such debt could be recovered in case of default in payment of a installment. The Hon'ble Supreme Court of India held that the chit amount paid out to a prized subscriber, is in the nature of grant of a loan and the same can be recovered by the foreman by treating the same as a debt.
Andhra Pradesh High Court - Amravati Cites 13 - Cited by 0 - R R Rao - Full Document

Uppula Srinivas vs Kanakadurga Chit Funds Private ... on 9 June, 2025

In the light of aforesaid discussion, this Civil Revision Petition is disposed of directing the learned Executing Court to consider the aforesaid aspects, more particularly, the principle laid down in Oriental Kuries Ltd. (supra), Section 60(1)(i)(ia) of CPC and Sections 128 and 146 of the Indian Contract Act, 1872, and dispose of E.P.No.263 of 2024 strictly in accordance with law, and on realization of the decretal amount including interest, as awarded by the Chit Arbitrator/Deputy Registrar of Chits at Karimnagar, vide Award dated 05.08.2023 in ARB.No.678 of 2022, 1st respondent, Chit Fund 7 KL, J C.R.P.No.1685 of 2025 Company, shall file full satisfactory memo before the Executing Court with a prayer to close the aforesaid Execution Petition, failing which, the learned Executing Court shall terminate the proceedings in the aforesaid E.P. There shall be no order as to costs.
Telangana High Court Cites 8 - Cited by 0 - K L Goud - Full Document

M.A.Shabu vs Brd Finance Limited on 21 May, 2024

4. A perusal of the impugned order would show that the maintainability has been challenged by the petitioner before the trial court only on the ground that the suit is not of commercial nature. As per Section 2 (c)(i) of the Commercial Courts Act, ordinary transactions of merchants, bankers, financiers and traders are treated as commercial in nature. The Supreme Court in Oriental Kuries Ltd v. Lissa (2019 (4) KLJ 878) held that there is a contractual obligation between the foreman and subscriber of a chitty. Hence, the same creates a debt on the date of subscription. So, if the subscriber fails to pay the instalments, the foreman is entitled to recover the consolidated chit amount including the future subscription of the defaulting subscriber. Therefore, as rightly held by the trial court, the foreman of the chit has to be termed as financier and hence, the dispute is commercial in nature.
Kerala High Court Cites 3 - Cited by 0 - K Edappagath - Full Document
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