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Citibank N.A. Vs. Juggilal Kamlapat Jute Mills Co. Ltd.

Court : Delhi

Subject : Company

Acts : Indian Contract Act, 1872 - Sections 133, 135 and 141; Evidence Act, 1872 - Sections 85

Reported in : AIR1982Delhi487; [1984]56CompCas509(Delhi)

the Jute Mills, the surety, stood discharged in view of the provisions of s. 141 of the Indian Contract Act, 1872, on account of the acts and omissions of the plaintiff, namely, (1) by filing Suit No. 315 of … a receiver appointed under the final decree, the liability of the defendant surety does not stand discharged. 53. Section 141 of the Indian Contract Act, 1872, reads : 'A surty is entitled to the benefit of every security

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 parts

M. Chettyappan and ors. Vs. State Bank of India, Nungambakkam Branch

Court : Chennai

Subject : Contract

Reported in : (1993)1MLJ74

Judge, as has been contended before us by the learned Counsel for the appellants that as provided under Section 141 of the Indian Contract Act, a surety is entitled to the benefit of every security which the creditor … variation in the terms of the contract so as to attract the operation of Section 133 of the Contract Act and discharge the liability of the second defendant.4. Learned Counsel for the appellants has assailed the said finding

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 … the eventual remedy of the surety himself against the principal debtor is thereby impaired, the surety is discharged.18. Section 141 of the Act which is far more important and on which the entire controversy is sought to be

State Bank of India Vs. Madras Bolts and Nuts (P) Ltd. and ors.

Court : Supreme Court of India

Subject : Commercial

Acts : Contract Act, 1872 - Sections 141

Reported in : [1998]93CompCas103(SC); (1998)8SCC433

Agarwala, learned counsel for Defendants 3 and 4 has placed strong reliance on Section 141 of the Indian Contract Act, 1872. Section 141, however, envisages a case where the liability of the surety is coextensive with the liability of the principal … Agarwala, learned counsel for Defendants 3 and 4 has placed strong reliance on Section 141 of the Indian Contract Act, 1872. Section 141, however, envisages a case where the liability of the surety is coextensive with the liability of the principal

Oswal Spinning and Weaving Mills Vs. Collector of Customs and Calcutta

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Subject : Land Acquisition

Reported in : (1989)(21)LC125Tri(Delhi)

of Port Trust Authority is that of a bailee under Sections 151, 152 and 161 of the Indian Contract Act, 1872, omitting the words "in the absence of any special contract" in Section 152 of that Act, But in … adjudging confiscation shall take and hold possession of the confiscated goods.46. Besides the aforesaid provisions we also find Section 141 under Chapter XVII of the Customs Act which provides that all conveyances and goods in a Customs area

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 … Contract Act. Therefore, merely because we do not find words 'notwithstanding anything contained in the contrary etc. in Section 141, it does not follow that the parties cannot contract out of the rights and liabilities laid down in

The Secretary of State for India Vs. Bhaskar Krishnaji Samant

Court : Mumbai

Subject : Civil

Reported in : AIR1925Bom485; (1925)27BOMLR973

in case of a breach of the conditions thereof may, notwithstanding anything in Section 74 of the Indian Contract Act, 1872, be recovered from him in case of such breach as if it were an arrear of land-revenue.16. It … in the case of Institute of Patent Agents v. Lackwood (p 357): [1894] A.C. 347 : 27 T.L.R. 141 'It is said that this would be a very largepower for the Legislature to commit to any other

State of Madhya Pradesh Vs. Kaluram

Court : Supreme Court of India

Subject : Criminal

Acts : Indian Contract Act, 1872 - Sections 104 and 141; Forest Act - Sections 83

Reported in : AIR1967SC1105; 1967(0)BLJR313; 1967MhLJ497(SC); [1967]1SCR266

because the State lost or parted with the security he stood discharged. By s. 140 of the Indian Contract Act, 1872, where a guaranteed debt has become due, or default of the principal debtor to perform a guaranteed duty … relation to principal debtor - security if lost or parted by creditor without consent of surety then under Section 141 surety is discharged to extent of value of security lost or parted with - facts of present case

P. Janakiram Chetty Vs. Punjab National Bank Ltd. and anr.

Court : Karnataka

Subject : BankingContract

Acts : Indian Contract Act, 1872 - Sections 126, 128, 129, 133, 134, 135, 139, 140, 141 and 176; Indian Companies Act

Reported in : AIR1968Kant56; AIR1968Mys56; (1967)2MysLJ168

first this contention of the learned counsel whether the appellant-second defendant is discharged. Chapter VIII of the Indian Contract Act, 1872, deals with indemnity and guarantee 126 defines a contract of guarantee thus:'A 'contract of guarantee' is a contract … the eventual remedy of the surety himself against the principal debtor is hereby impaired, the surety is discharged' Section 141 says:-- '..... and if the creditor loses, or, without the consent of the surety, parts with such security,