withdrawal of
the Special Leave Petition and indeed, the revocation of the bank
guarantee. The basis of the Respondent's opposition was that
Section ... bank guarantee furnished by the Appellant was not
in the nature of a performance bank guarantee but was a financial
guarantee, which falls within
Continuing guarantee' - A
16
guarantee which extends to a series of transactions is
called a 'continuing guarantee'. Section ... view
of Section 130 of the Act which provides for revocation of
guarantee for future transactions. Defendant No.6 would
be liable under
called a 'continuing guarantee."
It is further argued that the said Corporate Guarantee
does not permit the revocation of the Guarantee. There ... guarantee in the case of continuing guarantee.
It has been further contended that Section 130 of the
Contract Act deals with the Revocation of continuing
Guarantees. The law in regard
to injunctions for restraining invocation/ revocation of bank guarantee has
been clearly laid down by the Apex Court ... Notice of 15 days expressing his
intention to revoke the Bank Guarantee before revocation of Bank
Guarantees.
37. The petition under Section
defendants/petitioners herein from encashing the conditional and revocable Bank Guarantee No.KE31BGF143240003 dated 20.11.2014 for a sum of Rs.25,00,000/- (Rupees ... defendants/petitioners herein from encashing the conditional and revocable Bank Guarantee No.KE31BGF143240003 dated 20.11.2014 for a sum of Rs.25,00,000/- (Rupees
However, he did not receive any
response, therefore various reminders for revocation of guarantee were sent to
the bank, but till date there ... appellant despite the fact that
the loan agreement contains revocation of guarantee on a notice to be served by
the bank. The learned counsel
Jammu and Kashmir Contract Act, Svt. 1977 (1920 A.D.)
JAMMU & KASHMIR
India
Jammu
contract for furnishing guarantee by it but if the guarantee commission was not
depended upon the period of guarantee and, thus, had accrued in favour ... which the guarantee was furnished irrespective of the
period to which guarantee remained alive. This is so because the guarantee commission
cannot be apportioned with
respondent-bank would contend that the guarantee executed by the appellant is a continuing guarantee and the revocation of the said guarantee was unilateral ... upheld, as the guarantee given by this defendant is a continuing guarantee and the revocation, if any, of such guarantee would hold good only
examine whether the commission was refundable on the revocation of
guarantee and if it is found out to be so, then the commission should ... direction to examine whether the
commission was refundable on the revocation of guarantee. If it is found out to
be so, then the commission should
