Judgment Search Results Home > Cases Phrase: indian contract act 1872 section 141 suretys right to benefit of creditors securities Page 1 of about 101 results (0.205 seconds)

Amrit Lal Goverdhan Lalan Vs. State Bank of Travancore and ors.

Court : Supreme Court of India

Reported in : AIR1968SC1432; [1968]38CompCas751(SC); [1968]3SCR724

..... of ex. p-4 to indicate that the appellant is not entitled to invoke the provisions of s. 141 of the indian contract act. in this connection it is necessary to consider the provisions of s. 140 of the indian contract act, 1872 which states : 'where a guaranteed debt has become due, or default of the principal debtor to perform a guaranteed duty has ..... against the principal debtor' makes it pain that even without the necessity of a transfer, the law vests those rights in the surety. section 141 of the indian contract act, 1872 states : 'a surety is entitled to the benefit of every security which the creditor has against the principal debtor at the time when the ..... to make up the deficit in the quantity of goods absolved the appellant of all liability under the guarantee. reference was made to s. 135 of the indian contract act which states : 'a contract between the creditor and the principal debtor, by which the creditor makes a composition with, or promises to give time to, or not to sue, the .....

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

Court : Delhi

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

..... in pursuance of the said court decree and giving its consent to the sale which was later on confirmed by the court. 46. section 135 of the indian contract act, 1872, reads : 'a contract between the creditor and the principal debtor, by which the creditor makes a composition with, or promises to give time to, or not to sue, the ..... issues, it would be presumed that the liability of the defendant-jute mills was that of a surety. 43. according to s. 126 o the indian contract act, 1872, a 'contract of guarantee' is a contract to perform the promise, or discharge the liability, of a third person in case of his default. the person who gives the guarantee is called the ..... the defendant. it was next averred that the liability of 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 1977, in the court of the second civil judge, kanpur, without .....

Indian Bank, Sardar Patel Road, Mysore Vs. Mrs. M. Ambika and Others

Court : Karnataka

Reported in : 2001(1)KarLJ478

..... contentions advanced by the learned counsel appearing on both sides. 11. before proceeding further, it will be appropriate to refer and quote section 141 of the (indian) contract act, 1872 which reads as under: '141. surety's right to benefit of creditor's securities.--asurety is entitled to the benefit of every security which the creditor has ..... of the forest contractor. the surety kaluram contends that because the state lost or parted with the security, he be discharged. by section 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 has taken place, the surety upon payment or performance ..... the surety, parts with such security, the surety is discharged to the extent of the value of the security'.12. section 141 of the (indian) contract act, 1872 referred to above, confers right on the surety to take the benefit of every security which the creditor has against the principal debtor at the time when the .....

Dr. M.i. Itty Vs. Kerala Financial Corporation,

Court : Kerala

..... surety is discharged. the apex court also negatived the contention that by reason of the non-availability of the security in terms of section 141 of the indian contract act, 1872, the contract of guarantee stood frustrated. therefore, the guarantors cannot be heard to contend that as the security offered by the company, the principal debtor, has been ..... the principal debtors and that they have waived all their rights as sureties which they are otherwise entitled to enforce under sections 140 and 141 of the indian contract act, 1872. therefore, the guarantors cannot contend that upon payment of the balance amount due from the company they will be vested with all the rights which ..... in existence and its assets have been sold, the right of the surety to proceed against the principal debtor recognised under sections 140 and 141 of the indian contract act, 1872 has been lost. in such circumstances, it cannot be said that the sureties are liable to be proceeded against, it is contended. ext.r1(a) .....

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

Court : Supreme Court of India

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;

..... very attractive proposition at this juncture- thus it becomes rather imperative to note section 141 of the contract act in extenso for the purposes of appreciation of the rival submissions made in regard thereto. section 141 of the indian contract act, 1872 reads as under:'141. surety's right to benefit of creditor's securities - a surety is entitled ..... 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 eventual remedy, - if the creditor does any act which is inconsistent with the rights of the surety, or omits to do any ..... to the benefit of every security which the creditor has against the principal debtor at the time when the contract of suretyship is entered into, whether the .....

The Karnataka Bank Ltd. Vs. Gajanan Shankararao Kulkarni and anr.

Court : Karnataka

Reported in : AIR1977Kant14; ILR1976KAR1255; 1976(2)KarLJ37

..... avail himself of all those securities against the debtor. this right of a surety also stands. not upon contract but upon a principle of natural justice.'this rule of equity is embodied in section 141 of the indian contract act, 1872. the said section states:'a surety is entitled to the benefit of every security which the creditor has against ..... the principal benefit at the time when the contract of suretyship is entered into, whether the surety knows of the existence of ..... him for any sum which may become pay-able by jagatram to the governor. under the provisions of the contract which invoked the provisions of the forest contract rules and under the provisions of the indian forest act the state had a charge over the goods sold as well as the right to remain in possession till payment .....

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

Court : Karnataka

..... court in the state bank of saurashtra's case (supra) was rendered on the strength of the protection afforded to a surety under section 141 of the indian contract act, 1872. we have held hereinabove, that the aforesaid provision is inapplicable to the controversy in hand. keeping in mind the factual position canvassed before us. we are ..... satisfied, that the contention advanced at the hands of the learned counsel for the petitioner, based on the provisions of the indian contract act. 1872, cannot be of any assistance to the petitioner. 6. insofar as the reliance on the judgment rendered by the supreme court in state bank of saurashtras case ..... against the principal debtor, other than the guarantee executed by the petitioner. it is only on such omission, that under the mandate of section 141 of the indian contract act, 1872, the surety's rights can stand protected. no such foundational facts have been brought to our notice. in the aforesaid view of the matter, we are .....

Shri Mahadev Rama Bhonsle and Others Vs. Central Bank of India and Ano ...

Court : Mumbai

Reported in : 1997(3)ALLMR372; 1998(2)BomCR244

..... ) by his lrs. v. state bank of travancore and ors. (supra) and the state bank of saurashtra v. chitranjan rangnath raja and anr. (supra). section 141 of the indian contract act, 1872, lays down :---a surety is entitled to the benefit of every security which the creditor has against the principal debtor at the time when the ..... be a loss by the bank of the securities, which the bank had at the time when the contract of surety was entered into. in these circumstances, the apex court observed that the principle of section 141 of the indian contract act applied to said case and the surety was discharged of the liability to the bank to the extent of ..... the principal debtor is impaired by any action or inaction which implies negligence appearing from lack of supervision undertaken in the contract, the surety would be discharged under the combined operation of sections 139 and 141 of the contract act.7-a. applying the principle laid down by the apex court, we are of the opinion that respondent no. 1 .....

Buckeye Batteries (P.) Ltd. (In Liq.) on Behalf of Sri Khalid Mukhtar ...

Court : Allahabad

Reported in : 2002(2)AWC1458; (2002)2UPLBEC1379

..... 128, 139, 140 and 141 of the indian contact act, 1872. section 128 provides that the liability of surety is co-extensive with that of the principal debtor. unless it is otherwise provided by the contract. section 139 of the act provides discharge of surety. if the creditor does any act which is inconsistent 'with the rights of the ..... surety, or omits to do any act which ..... enlarged to entertain a petition, amongst others, for recovering the claims of the company. in the absence of a provision like section 446(2) under the repealed indian companies act, 1913, the official liquidator, in order to realise and recover the claims and subsisting debts owed to the company, had the unenviable fate of filing suits. .....

Khalid Mukhtar Vs. Buckeye Batteries Private Ltd. (In Liquidation) and ...

Court : Allahabad

Reported in : [2003]114CompCas70(All)

..... has not paid the guaranteed debt.'10. it is submitted that the aforesaid principles have been incorporated under sections 128, 139, 140 and 141 of the indian contract act, 1872. section 128 provides that the liability of surety is co-extensive with that of the principal debtor, unless it is otherwise provided by the ..... enlarged to entertain a petition, amongst others, for recovering the claims of the company. in the absence of a provision like section 446(2) under the repealed indian companies act, 1913, the official liquidator in order to realize and recover the claims and subsisting debts owed to the company had the unenviable fate of filing suits. these suits ..... construction of section 446(2)(b), it would be advantageous to notice the historical evolution of the provision as well as its present setting. section 171 of the indian companies act, 1913, the predecessor of section 446(1), did not contain any provision similar or identical to that of section 446(2). section 171 only provided for .....