Section: 129. "Continuing guarantee".
A guarantee which extends to a series of transactions,
is called a "continuing guarantee"."
Company Appeal ... second clause of the
guarantee bond in that case was in the following
terms:
"This guarantee shall be a continuing
guarantee and shall apply
guarantee is a guarantee which extends to a series of transactions, as defined in Section 129 of the Indian Contract Act. But, however, a continuing ... continue till one's life time or as long as the sun and moon exist. It is, therefore, clear that the continuing guarantee
time transaction, but
rather a multiple continuous transactions, to give it a shape of a Continuous
Guarantee is a fact which runs contrary ... ground that it was a continuing default. The concept of
Continuing Guarantee is not acceptable.
23. The Respondent No. 2, had almost extended an akin
Deed of Guarantee on 29.03.2014 ("2014
Guarantee"). This guarantee reaffirmed his liability as a personal
guarantor and provided for:
Continuous Coverage: It applied ... Deed of Guarantee
('2014 Guarantee"). The relevant clauses of the Guarantee are extracted
below:
(i) Clause 5 of the 2014 Guarantee permits
time transaction, but
rather a multiple continuous transactions, to give it a shape of a Continuous
Guarantee is a fact which runs contrary ... ground that it was a continuing default. The concept of
Continuing Guarantee is not acceptable.
23. The Respondent No. 2, had almost extended an akin
Deed of Guarantee on 29.03.2014 ("2014
Guarantee"). This guarantee reaffirmed his liability as a personal
guarantor and provided for:
Continuous Coverage: It applied ... Deed of Guarantee
('2014 Guarantee"). The relevant clauses of the Guarantee are extracted
below:
(i) Clause 5 of the 2014 Guarantee permits
time transaction, but
rather a multiple continuous transactions, to give it a shape of a Continuous
Guarantee is a fact which runs contrary ... ground that it was a continuing default. The concept of
Continuing Guarantee is not acceptable.
23. The Respondent No. 2, had almost extended an akin
time transaction, but
rather a multiple continuous transactions, to give it a shape of a Continuous
Guarantee is a fact which runs contrary ... ground that it was a continuing default. The concept of
Continuing Guarantee is not acceptable.
23. The Respondent No. 2, had almost extended an akin
hereinearlier, in the agreement of guarantee itself. The
agreement of guarantee clearly provides that the guarantee shall be a
continuing guarantee and shall ... Guarantee Deed.
The Guarantee Deed of 2009 being the principal guarantee, on which
foundational document, the Supplementary Agreement rested, non-mention of
the Guarantee Deed
Section: 129. "Continuing guarantee".
A guarantee which extends to a series of transactions,
is called a "continuing guarantee"."
Company Appeal ... Guarantee. Para 2 of Deed of Guarantee states
that the guarantee restricted to the sum of Rs.62 Crores, which was a
continuing guarantee
