Contract Act, 1872 - Section 124 - Contract of indemnity

Con­tract Act, 1872 — Sec­tion 124 — Con­tract of indem­nity — Con­tract Act, 1872 — Sec­tion 124 — Con­tract of indem­nity — Appli­ca­tion for direc­tion to appel­lant to deposit an amount of Rs. 34 lakhs — High Court mis­read the doc­u­ment con­stru­ing agree­ment to be a bank guar­an­tee and decreed suit direct­ing appel­lant to pay the sum of Rs. 34 lakhs with inter­est at the rate of 14 per cent per annum — Doc­u­ment in ques­tion is a doc­u­ment of indem­nity and not a guar­an­tee — Bank liable to pay guar­an­teed amount. To get cita­tion of this judg­ment email link of this post to advppc1@gmail.com

Contract Act, 1872 - Section 124 - Contract of indemnity