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Ramchandra B. Loyalka v. Shapurji N. Bhownagree

ByVivek Kumar Verma

Ramchandra B. Loyalka v. Shapurji N. Bhownagree  (1940) 42 BOMLR 550 (Section 124, 126 and 145 of Indian Contract Act, Difference between Indemnity and Guarantee) FACTS: The plaintiff (P) was a sub-broker employed by the defendant broker (D) on 50% commission. P introduced 6 constituents and became answerable to the broker for them. The constituents…

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Punjab National Bank Ltd. v. Bikram Cotton Mills and Anr.

ByVivek Kumar Verma

Punjab National Bank Ltd. v. Bikram Cotton Mills & Anr. 1970 AIR 1973 (Difference between indemnity and guarantee) FACTS The first respondent company (R1) opened a cash-credit account with the appellant bank (A) and to secure repayment of the balance due at the foot of the account R1 executed three documents through its managing agents…