Bank -- Net Banking fraud - Siphoning of Rs.Thirty lakhs - School never approached bank for net banking facility - Account of school tagged with personal account of school principal - Bank rendered themselves liable by enabling net banking facility by linking the individual account of School's Principal to the School's account - Complicity of Principal of school not found..........
Bank guarantee -- Invocation - Law as to - Bank guarantee is an independent contract between bank and beneficiary and bank is always oblige to honour its guarantee as long as it is an unconditional and irrevocable one - Dispute between beneficiary and party whose instance bank has given guarantee is immaterial and is of no consequence - There are however, exceptions to..........
Bank guarantee -- Invocation - Interference by Courts - Court ordinarily should not interfere with invocation or encashment of bank guarantee so long as invocation is in terms of bank guarantee...........
Bank guarantee -- Invocation - Once demand was made in due compliance of bank guarantees, it was not open for Bank to determine as to whether invocation of bank guarantee was justified so long as invocation was in terms of bank guarantee...........
Bank guarantee -- Invocation - Contract of supply of plant and equipment - Bank guarantees in question were unconditional, specific in nature and limited in amount - Terms of guarantee categorically covered money which respondent had advanced against supply of plant and equipment - Said guarantees covered by loss and damage caused to or suffered by respondent in due..........
Negotiable Instruments Act, 1881, Section 138, 143A -- Dishonour of cheque - Direction to deposit 20% of cheque amount as interim compensation - Bank cannot oppose the petition and if he opposed it, again very obviously petition would have to be allowed in terms of applicability of S.143-A of the Act - Order directing to pay 20% of cheque amount as interim compensation set..........
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 13(2), (4)(a), (7) -- Enforcement of security interest - Bank taking possession of secured assets - Distribution of sale proceeds - Agreement providing that only employee's dues would be settled by Appellant-Bank and all other liabilities would be settled by..........
Negotiable Instruments Act, 1881, Section 138, 139, Evidence Act, 1872, Section 21 -- Dishonour of cheque - Admission - Can accused rely upon his own bank account statement and contend that he had not transacted with complainant at all ? - No - As it is not the case of complainant that he gave loan by cheque - Moreover, account statement of accused is admission, which can..........
Indian Penal Code, 1860, Section 420, 467, 468, 471, 120B -- Cheating - Advocate on panel of Bank - Issuing false non encumbrance certificate by Advocate - Plea that non encumbrance certificate was issued to extend pecuniary advantage to the farmers - There is no basis on record for making such statement except that non encumbrance certificate was not found proper - There..........
Indian Penal Code, 1860, Section 489B, 489C -- Counterfeit currency notes - Component of mens rea for offence falling u/s 489-B and/or 489-C IPC is knowledge or having reason to believe that currency note or bank note is forged or counterfeit, coupled with intention to use same as genuine or knowledge that it may be used as genuine...........
