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SUNITA AGARWAL, PRANAV TRIVEDI
AHMEDABAD MAHILA NAGRIK SAHAKARI BANK LTD. – Appellant
Versus
CHANDRIKABEN DHIRAJLAL PARIKH – Respondent
ORDER :
1. The instant appeal is directed against the judgment and order dated 04.01.2023 passed by the learned Single Judge in allowing the petition, setting aside the order passed by the Gujarat State Cooperative Tribunal, Ahmedabad in Appeal No. 497 of 2003 dated 30.06.2009 restoring the award passed by the Board of Nominees, discharging the original petitionerdeceased respondent no. 1 from its liability towards the outstanding loan as a guarantor. The order dated 06.01.2003 passed by the Board of Nominees, Ahmedabad in Lavad Case No. 457 of 2001 has been restored by the learned Single Judge, accordingly.
2. Brief facts relevant to decide the controversy at hands are that the appellant herein, viz. the Ahmedabad Mahila Nagrik Sahakari Bank Ltd. filed a Lavad Case No. 457 of 2001 against the original petitioner and respondents no. 2 to 6 before the Board of Nominees, Ahmedabad on the ground that the respondent no. 2, a proprietory firm of the respondent no. 3 had failed to make the payment of the outstanding dues of the loan advanced by the Bank, viz. the appellant herein. It was noted by the learned Single Judge that the respondents no. 3 to 6 had stood as guarantors in respect of
A guarantor remains liable unless specific conditions for discharge are met, including the replacement of the guarantee or redemption of the mortgage.
Point of law: Tribunal, after taking into consideration the fact that the petitioner along with respondent Nos. 3 and 4 have failed to deposit 25% of the amount to contest the Lavad Suit as condition....
The liability of the guarantor is coextensive with that of the principal debtor unless explicitly provided otherwise in the contract (Section 128 of the Indian Contract Act, 1872). The creditor has t....
The liability of the guarantor under Section 128 of the Indian Contract Act, 1872 was a key legal principle discussed in the judgment, emphasizing that the guarantor's liability is coextensive with t....
The main legal point established in the judgment is that the creditor's act or omission impairing the surety's eventual remedy against the principal borrower can discharge the surety from liability, ....
Approval of a resolution plan does not discharge a corporate guarantor's liability under a guarantee, affirming that guarantees remain enforceable even after such approval.
Failure to apply for defense in a summary suit under the Gujarat Co-operative Societies Act results in acceptance of the claims made by the plaintiff.
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