Section 126 in The Indian Contract Act, 1872 [Entire Act]
Section 126 in The Indian Contract Act, 1872
126. 'Contract of guarantee', 'surety', 'principal debtor' and 'creditor'—
A 'contract of guarantee' is a contract
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1 - 10 of 30957 (8.06 seconds)Nangia Construction India (P) Ltd. vs National Buildings Construction ... on 23 April, 1990
Contract Act, and observed as under :-
"SECTION 124 of the Indian Contract Act defines a "contract of indemnity". A contract by which ... liable for another persons conduct may amount to a contract of indemnity. A contract of guarantee requires concurrence of three persons-the principal debtor
Section 144 in The Indian Contract Act, 1872 [Entire Act]
Section 144 in The Indian Contract Act, 1872
144. Guarantee on contract that creditor shall not act on it until co-surety joins.—
Where ... person gives a guarantee upon a contract that the creditor shall not act upon it until another person has joined in it as co-surety
Gouri Shankar Jain vs Punjab National Bank & Anr on 13 November, 2019
otherwise provided by the contract. The onus is on the petitioner to
establish that, the contract of guarantee provided anything to
diminish the liability ... company.
20. A contract of guarantee, being a contract, is susceptible to
discharge. A contract of guarantee would be discharged in any
manner in which
D.S. Constructions Limited vs Rites Limited And Anr. on 17 January, 2006
that the bank guarantee was an entirely separate contract, independent of the underlying contract. The bank guarantee was unconditional and, therefore, neither its invocation ... Therefore, under the scheme of the provisions under the Contract Act itself, the contract of guarantee is not entirely independent of the underlying contract between
K. V. Perlyamanna Marakkayar And Sons vs Banians And Co. on 21 April, 1925
contract between the 1st and 2nd defendants.
15. Chapter VIII of the Contract Act deals both with contracts of indemnity and guarantee. A contract ... that the Contract Act draws a distinction between contracts of indemnity and contracts of suretyship and that contracts of suretyship, unlike contracts of indemnity, require
Nagpur Nagarik Sahakari Bank Ltd. And ... vs Union Of India And Anr. on 24 February, 1981
gives rise to the contract of indemnity, whereas Section 126 of the Contract Act gives rise to a contract of guarantee wherein three persons ... been held:
"Section 126 of the Act (Contract Act), which defines a contract of guarantee though it does not say expressly that the debtor
Ramchandra B. Loyalka vs Shapurji N. Bhownagree on 11 March, 1940
cases the Court held that the contract was a contract of indemnity, and not a contract of guarantee, within the meaning of Section ... contract is a contract of indemnity within the meaning of the Indian Contract Act . Section 124 defines a contract of indemnity as being a contract
Shapoorji Pallonji Energy (Gujarat) ... vs Gujarat Electricity Regulatory ... on 29 May, 2017
there cannot be invocation of Bank Guarantee on the
principle that the guarantee is absolute and
unconditional. The guarantee in the present case is
conditional ... contract of the bank guarantee are to be
read together. Bank guarantee/letters of credit is an
independent contract between the bank and the beneficiary
Income-Tax Officer vs Servall Engg. Works (P.) Ltd. on 29 August, 1990
this regard from Section 126 of the Contract Act, which deals with "Contract of guarantee".
10. In view of the foregoing, therefore ... contracts the Warana contract dated July 17,1981 and the Dutta contract dated August 7, 1981. Clause 7 of the Warana contract, which deals with