guarantee deed and absolve themselves
from the liability. It was further averred that the guarantee was an
unconditional and a continuing guarantee and until ... plaintiff bank. In any case, there cannot be a unilateral
revocation of the guarantee deed and any such revocation can have
effect only with
plaintiff to place on record
papers and registers regarding the revocation of
guarantee by the defendant no. 3. It is alleged that the
- :: 2 :: -
said ... reply, the plaintiff has opposed the application
stating that no such revocation of guarantee was ever
done by the defendant no. 3 and there
Lakh Ten Thousand
only) on account of illegal encashment of bank guarantee by the
defendant. Hence, the present suit.
CS 450/2016 M/s Suvidha ... Security in the form of
a non-revocable Bank Guarantee for Rs. 36,10,000/-. It is its case
that one of the conditions
refuted by learned
counsel for plaintiff by arguing that unilateral withdrawal of
guarantee was of no consequence as the same was never
approved ... reply to the letters
Ex.PW1/D2 accepting the revocation of guarantee by defendant
no.2.
20. The second limb of argument
provided. The provision for reference is noted as
below:-
131. Revocation of continuing guarantee by
surety's death.--The death of the surety
operates ... absence of any contract to
the contrary, as a revocation of a continuing
guarantee, so far as regards future
transactions
(28) The law of contract
last
extension and failure to supply would result in revocation of the
bank guarantee along with other penality as per the terms and
conditions ... last extension and failure to supply would result in
revocation of bank guarantee along with other penalty as per the
terms and conditions. In pursuance
person to whom the guarantee is given is called
the "creditor". A guarantee may be either oral or written.
128. Surety ... Continuing guarantee". A guarantee which extends to a series
of transactions is called a "continuing guarantee".
130. "Revocation of continuing guarantee
failed to rebut the same. Further, the notice for revocation of
guarantee dated 02.05.2015 (Mark A) as well as personal loan agreement
(Mark
later on refused to stand as guarantor. If there was revocation of
guarantee then as a prudent person he should have informed the
plaintiff regarding
states that plaintiff withdrew
Page 8/10
Suit No.201/12
his guarantee during the lifetime of the borrower and the defendant, without
any cogent ... means that despite revocation of guarantee by the plaintiff,
which was accepted by the defendant, Rs.2,44,390/ was deducted from the
current account
