continuing guarantee under Ex. A9 and as it is a continuing guarantee. D-6 is liable till he revoked that guarantee and any revocation letter ... continuing guarantee which states that a guarantee which extends to a series of transactions is called a 'continuing guarantee'. A continuing guarantee
guarantee much before
the accounts were declared NPA; and the release of guarantee has to be
considered on the date of revocation and not after ... continuing guarantee.
Sec.129 of the Contract Act,1872 defines a 'continuing
guarantee' as under:
"129. Continuing Guarantee:- A guarantee which extends
letter Annexure P/2 is issued to the Bank for revocation of Bank guarantee on the ground that the contract has been cancelled under ... contract, imposing the penalty and forfeiting the performance security and revocation of Bank guarantee is taken strictly in accordance with terms and conditions of contract
ground of his resignation as Director of the company and revocation of guarantee as early as on 6.7.1984.
4. The DRT after taking into consideration ... guarantee executed by the 6th defendant is a continuing guarantee as per Clause 7 of the said agreement. A continuing guarantee is a guarantee which
respondents. According
to the appellant, as a result of wrongful revocation of performance
guarantee, the banks with whom the financial arrangement was
made ... Respondents - State authorities as the illegal
act of revocation of performance guarantee by the respondents on
20.04.2010 created impediment in the way of the
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Deed of Guarantee dated 29.03.2014
("2014 Guarantee") under duress, despite his disassociation from the
Company. The 2014 Guarantee document is incomplete, contains unfilled ... subsequent irrevocable and
unconditional guarantee on 29.03.2014, superseding the earlier guarantee.
This 2014 Guarantee clearly waived any right to unilateral revocation, binding
the guarantor until
Deed of Guarantee dated 29.03.2014
("2014 Guarantee") under duress, despite his disassociation from the
Company. The 2014 Guarantee document is incomplete, contains unfilled ... subsequent irrevocable and
unconditional guarantee on 29.03.2014, superseding the earlier guarantee.
This 2014 Guarantee clearly waived any right to unilateral revocation, binding
the guarantor until
Bank Guarantee. The acceptability of the qualified Bank Guarantee resulted in non-realisation of interest at the time of revocation of Bank Guarantee.
Shri ... went in default in June, 1998 but the proposal for revocation of Bank Guarantee was initiated only on 27th October, 1998, in violation
favour of the Bank and against the
appellant. Subsequent to the revocation of guarantee by the
appellant, there were transactions in respect of the loan ... Section 130 of the Act, which reads as
under: -
"Revocation of continuing guarantee A
continuing guarantee may at any time be revoked
contract of guarantee ", "surety", "principal debtor" and "debtor"; section 127 provides regarding the consideration for guarantee; section ... guarantee"; sections 130 and 131 deal with revocation of continuing guarantee and revocation of continuing guarantee by surety's death respectively; section
