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industrial Finance Corporation of India Ltd. Vs. the Cannanore Spinnin ...

Court : Supreme Court of India

Subject : Contract

Acts : Indian Contract Act, 1872 - Sections 20, 21, 29, 56, 128 and 130 to 141; Companies Act, 1956; Industrial Development and Regulations Act; Sick Textile Undertakings (Nationalisation) Act, 1974 - Sections 3, 4, 5 and 20; Nationalisation (Sick Textile Undertakings Taking Over of Management) Act, 1972 - Sections 5, 5(1) and 5(2); Constitution of India - Article 136; Sick Industrial Companies (Industrial Provisions) Act, 1995 - Sections 22

Reported in : AIR2002SC1841; 2002(3)ALD113(SC); 2002(2)ARBLR676(SC); II(2002)BC430(SC); [2002]110CompCas685(SC); (2002)4CompLJ337(SC); JT2002(4)SC318; (2002)3MLJ144(SC); 2002(3)SCALE574;

it would also be convenient to note the true effect of Sections 139 and 140 of the Indian Contract Act, 1872 as well, which read as under : '139. Discharge of surety by creditor's act or omission impairing surety's … creditor has against the principal debtor, including the enforcement of every security stands statutorily recognised and incorporated in Section 141 of the Indian Contract Act as regards the discharge of a surety from liability, when the creditor

State Bank of India, Its Branch Manager, Tirupattur Vs. Kasim, Proprie ...

Court : Chennai

Subject : ContractCivil

Acts : Code of Civil Procedure (CPC), 1908 -- Order 34, Rule 5, 16; Indian Contract Act, 1872 -- Sections 139,140, 141; Limitation Act, 1963 -- Article 137 and 181

Reported in : 1999(3)CTC109

because the State lost or parted with the security he stood discharged. By S. 10 of the Indian Contract Act, 1872, where a guaranteed debt has become due, or default of the principal debtor to perform a guaranteed duty … any petition for final decree and thereby the plaintiff has lost his right over the mortgage security.9 Under Section 139 of the Contract Act, if the creditor omits to do any act which is his duty to the

Bank of Baroda Vs. Avdoot Bhagwant Naik and ors.

Court : Mumbai

Subject : ContractCivil

Acts : Transfer of Property Act, 1882 - Sections 58 and 58(1); Indian Contract Act, 1872 - Sections 126, 127 and 128; Indian Contract (Amendment) Act, 1972 - Sections 135, 139 and 141

Reported in : AIR2005Bom224

counsel on behalf of the plaintiff, has placed reliance on Sections 126, 127 and 128 of the Indian Contract Act, 1872 and has also placed reliance on the cases reported in M/s. M. Ramnarain Pvt. Ltd. v. State Trading … to, or not to sue, the principal debtor, discharges the surety, unless the surety assents to such contract.17. Section 139 of the Act deals with the discharge of surety by creditor's act or omission impairing surety's eventual remedy

K. Hymavathi Vs. The State Of Andhra Pradesh

Court : Supreme Court of India

Subject : Land Acquisition

no bar of limitation. The cheque amounts to a promise governed by Section 25 (3) of the Indian Contract Act, 1872. Such promise which is an agreement is an exception to the general rule that an agreement without consideration … law stated by this Court. It is contended that the earlier view while considering that the presumption under Section 139 NI Act will apply, did not consider the scope in a criminal trial and the bearing that Section

Corporation Bank Vs. Mohandas Baliga

Court : Karnataka

Subject : Contract

Acts : Evidence Act, 1872 - Sections 34; Bankers' Books Evidence Act, 1891 - Sections 4; Contract Act, 1872 - Sections 23, 133, 134, 135, 139 and 141

Reported in : ILR1993KAR201; 1993(1)KarLJ308

and 11.1 of the Judgment, therefore, it is necessary to reproduce the same:'9. Chapter VIII of the Indian Contract Act, 1872, (hereinafter referred to as the 'Act') deals with indemnity and guarantee. Section 124 defines the expression 'Contract of … not discharge the others; neither does it free surety so released from his responsibility to the other sureties; Section 139 deals with the discharge of surety by creditor's act or omission impairing surety's eventual remedy; Section 140 and

Jose Inacio Lourence Vs. Syndicate Bank and Another

Court : Mumbai

Subject : Company

Acts : Contract Act, 1872 - Sections 139 and 141

Reported in : [1989]65CompCas698(Bom)

Jose Lourence, appeals.3. Mr. Alvares, learned counsel for the appellant, relies on sections 139 and 141 of the Contract Act, 1872, for the proposition, firstly, that the surety is entitled to the benefit of every security which the creditor … charge is also an act which is inconsistent with the rights of the surety within the meaning of section 139 of the Contract Act and it is obvious that the eventual remedy which the surety may have against

Parvataneni Venkata Brahmarao Vs. the Andhra Bank Ltd., Gudivada and a ...

Court : Andhra Pradesh

Subject : Contract

Acts : Contract Act, 1872 - Sections 126 and 139

Reported in : AIR1964AP555

The appeal fails and is dismissed with costs. Contract - equitable mortgage - Sections 126 and 139 of Contract Act, 1872 - first respondent agreeing to give over draft facilities - in consideration of overdraft facilities appellant jointly with … debt and that as his eventual remedy against the 2nd respondent was thereby impaired, he stood discharged under Section 139 of the Indian Contract Act.The learned Subordinate Judge upon a construction of Exhibits A.1 and A.2, rejected the

Union Bank of India Vs. M.P. Sreedharan Kartha and ors.

Court : Kerala

Subject : Contract

Acts : Contract Act, 1872 - Sections 126 and 139; Code of Civil Procedure (CPC) , 1908 - Sections 35

Reported in : AIR1993Ker285

is allowed in part as indicated above. No costs. Contract - recovery - Sections 126 and 139 of Contract Act, 1872 and Section 35 of Code of Civil Procedure, 1908 - appellant sanctioned loan to defendant No. 1 -

Mr. G.A.Mansoor Alam Khan, Son of G.Abdul Gafoor Khan. Vs. State Bank ...

Court : Karnataka

Subject : Contract

Acts : Indian Contract Act, 1872. - Sections 139, 141,

foregoing paragraph, learned counsel for the petitioner has placed reliance on Sections 139 and 141 of the Indian Contract Act, 1872. The aforesaid provisions are being extracted hereunder. "139. Discharge of surety by creditors act or omission impairing surety's … petitioner, it is not possible for us to accept the proposition canvassed at his hands. A perusal of Section 139 of the Indian Contract Act, 1872 relied upon by the petitioner reveals, that omission at the hands of

Bandi Venkateshwara Rao S/O Venkata Narayana, Vs. Sriram Chits Ltd. Re ...

Court : Andhra Pradesh

Subject : Contract

Acts : Indian Contract Act 1872 - Sections 126, 127, 128, 134, 139, 140 and 149; Andhra Pradesh Chit Funds Act - Sections 25(1); Transfer of Property Act - Sections 91; Companies Act; Code of Civil Procedure (CPC) - Sections 47 and 151 - Order 20, Rule 11(1) - Order 34, Rule 1

Reported in : 2009(1)ALT320

learned Judge of this Court while dealing with Sections 126, 128, 134, 139 and 140 of the Indian Contract Act 1872 observed at paras 9, 11, 15 and 16 as hereunder:A perusal of the above provisions clearly shows that … act or omission of the creditor, the legal consequence of which is the discharge of the principal debtor. Section 139 also contemplates the discharge of surety by the creditor's act or omission impairing surety's eventual remedy. As per