Banking service -- Banker's lien - Respondent - complainant has not pledged NSCs nor these have been attached by Court in the loan against a firm in which the complainant stood guarantor - Findings of the District Forum that the Bank cannot raise lien against the NSCs of the complaint upheld...........
Consumer Protection Act, 1986, Section 2(1)(g), Contract Act, 1872, Section 128 -- Banking service - Banker's lien - Fixed deposit - Guarantors' liability - Time barred debt - Without consent of the complainant FD converted in 1994 has been made security as against time barred debt of 1980 - Creditors remedy against debtor was not exhausted and no steps were taken against..........
Banking service -- FDR - Non payment of maturity amount - On the ground that appellant - complainant stood guarantor to one 'T.K.' against her loan amount which has become NPA - There is no evidence that the appellant had stood as guarantor/surety of 'T.K' against the said loan had executed the guarantee deed or surety bond in favour of the bank - Respondents directed to..........
Contract Act, 1872, Section 130 -- Guarantor entering into continuing guarantee agreement with Bank - Revocation of same before loan was advanced - Held, guarantor is not entitled to benefit of S.130 in view of waiver of his rights by nature of guarantee given to Bank...........
Civil Procedure Code, 1908, Order 12, Rule 2 -- Admission and denial of documents - Recovery of outstanding dues - Sanctioning of loan and execution of various loan documents including promissory note, deed of hypothecation and pledge of goods by bank - Default in repayment of loan by defendant no.1 - Demise of defendant No.2/guarantor during pendency of suit - Denial of..........
Indian Contract Act, 1872, Section 62 -- Novation of contract - Effect on liability of guarantor of loan - As per loan agreement guarantor agreed to continue as guarantor till the repayment of loan - Merely on re-scheduling of outstanding amount and thereby granting extension of period of two years, guarantor`s liability would not stand discharged...........
Bank guarantee -- Invocation - Law as to - Bank guarantees payable by the guarantor on demand - It is considered to be an un-conditional bank guarantee - When in the course of commercial dealings, unconditional guarantees have been given or accepted the beneficiary is entitled to realize such a bank guarantee in terms thereof irrespective of any pending disputes...........
Recovery of Debts Due to Banks and Financial Institutions Act, 1993, Section 21 -- Appeal - Recovery of debt - Waiver of pre-deposit - Petitioner directed to pre-deposit 75% of amount of Recovery Certificate i.e. 750 crores to argue his appeal - At this stage all the assets of Company, were taken over and have also been sold and amount is realized by IFCI by the sale of..........
Consumer Protection Act, 1986, Section 2(1)(g) -- Transfer of Property Act, 1882, S.60 - Contract Act, 1872, S.171 - Banking service - General lien - Loan - Deposit of document - Non-return after the loan amount returned - Documents not released as the appellants stood guarantee for other firms - Held that notwithstanding the provisions under Section 60 of the TP Act, the..........
Contract Act, 1872, Section 126, 128, 129, 130 -- Continuing guarantee bond with stipulation that guarantor is liable to pay when creditor makes demand - Suit for enforcement - Starting point of limitation - Limitation begins to run when demand is made by creditor and guarantor commits breach of contract of demand by not complying with demand - However, such demand should..........
