limitation and the guarantee bond was a deed of simple
guarantee. He has submitted that the guarantee was a
continuing guarantee as contemplated under Section ... simple in nature and it was not continuous and
it is not continued guarantee and, therefore, invoking under
Section 129 of the Indian Contract
terms of the Guarantee Agreement inter-alia would read as
under:-
This guarantee shall be a continuing guarantee and shall
not be considered as wholly ... under:-
129. 'Continuing guarantee'.--
A guarantee which extends to a series of
transactions, is called a 'continuing guarantee'.
13. There
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
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
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
deed of guarantee, only for Loan Account
LNPIT00712-1300002234 under the Deed of Guarantee dated 28.03.2013.
The Appellant never signed any guarantee for Loan Account ... Guarantee Agreement, which are extracted below:
"8. The Guarantee shall be a continuing till such time INTEC
CAPITAL LTD may have any claim against
deed of guarantee, only for Loan Account
LNPIT00712-1300002234 under the Deed of Guarantee dated 28.03.2013.
The Appellant never signed any guarantee for Loan Account ... Guarantee Agreement, which are extracted below:
"8. The Guarantee shall be a continuing till such time INTEC
CAPITAL LTD may have any claim against
deed of guarantee, only for Loan Account
LNPIT00712-1300002234 under the Deed of Guarantee dated 28.03.2013.
The Appellant never signed any guarantee for Loan Account ... Guarantee Agreement, which are extracted below:
"8. The Guarantee shall be a continuing till such time INTEC
CAPITAL LTD may have any claim against
Respondent--
Corporate Guarantee I dated 31.12.2014 and Corporate Guarantee II dated
29.02.2016; each of which were explicitly continuing, irrevocable,
unconditional, and on-demand in nature ... therefore, hold that the Corporate Guarantee could be invoked
successively, if the guarantee was a continuing guarantee, loan default
continues post Section 10A period
Respondent--
Corporate Guarantee I dated 31.12.2014 and Corporate Guarantee II dated
29.02.2016; each of which were explicitly continuing, irrevocable,
unconditional, and on-demand in nature ... therefore, hold that the Corporate Guarantee could be invoked
successively, if the guarantee was a continuing guarantee, loan default
continues post Section 10A period
