9911796707
TMI Blog2019 (9) TMI 1454X X X X Extracts X X X X X X X X Extracts X X X X ..... ulated period of 1 year, hence, the right to make a claim is lost. Therefore, the objection of the respondent-bank is unsustainable and it cannot refuse to release the above referred fixed deposit of ₹ 10 Lacs, belonging to the corporate debtor. The respondent-bank are directed to release the fixed deposit of ₹ 10 Lacs of the corporate debtor within 2 weeks from today - application disposed off. - CA No. 183/2019 in CP (IB) No. 127/Chd/HP/2018 - - - Dated:- 17-9-2019 - Ajay Kumar Vatsavayi, Member (J) And Pradeep R. Sethi, Member (T) For the Appellant : S. S. Brar, Advocate and Party-in-Person For the Respondents : D. K. Gupta and Nahush Jain, Advocates ORDER Ajay Kumar Vatsavayi, Member (J) 1. This ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 ('1872 Act') that the time of invocation of guarantee is 3 years. Hence, this application. 4. The respondent-bank filed its reply in the CA, by reiterating the stand taken in its e-mail dated 16.02.2019. 5. We have heard Mr. S.S. Brar, learned counsel for the Applicant/Resolution Professional and Mr. D.K. Gupta with Mr. Nahush Jain, learned counsels for the Respondent-Punjab National Bank and have carefully perused the pleadings. 6. Section 28 of the 1872 Act reads as under:- 28. Agreements in restraint of legal proceeding void. --2[Every agreement,-- (a) by which any party thereto is restricted absolutely from enforcing his rights under or in respect of any contract, by the usual legal proceedings in the ordina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f such guarantee or agreement on the expiry of a specified period which is not less than one year from the date of occurring or non-occurring of a specified event for extinguishment or discharge of such party from the said liability. Explanation.-- (i) In Exception 3, the expression bank means-- (a) a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949); (b) a corresponding new bank as defined in clause (da) of section 5 of the Banking Regulation Act, 1949 (10 of 1949); (c) State Bank of India constituted under section 3 of the State Bank of India Act, 1955 (23 of 1955); (d) a subsidiary bank as defined in clause (k) of section 2 of the State Bank of India ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his guarantee shall not exceed ₹ 10,00,000/- (Rupees Ten Lacs only). 2) This guarantee shall be valid upto 20-01-2018. 3) We are liable to pay the guaranteed amount or any part thereof under this Bank Guarantee only and only if you serve upon us upon a written claim of demand on or before 20-01-2018. 4) Thereafter the bank shall stand discharged from all its liability under this guarantee and all your right under the guarantee shall stand extinguished irrespective of the fact whether the guarantee in original is returned back to us or not. 8. The Hon'ble Apex Court in Union of India and Another Versus IndusInd Bank Limited and Another; (2016) 9 Supreme court Cases 720, after distinguishing the 'assertion of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
