This document discusses indemnity and guarantee contracts. It provides details on:
1) Indemnity contracts involve two parties - the indemnifier promises to compensate the indemnity holder for any losses or damages incurred. Guarantee contracts involve three parties - the creditor, principal debtor, and surety.
2) In a guarantee, the surety promises the creditor to discharge the liability of the principal debtor if they default. The principal debtor provides consideration to the surety by agreeing to reimburse them.
3) A continuing guarantee covers an ongoing or recurring series of transactions between the creditor and principal debtor. It remains in force until revoked by notice from the surety to the creditor.
The presentation deals with Special contract in general and CONTRACT OF INDEMNITY ,
CONTRCAT OF GUARANTEE,
(SEC. 126 TO 147 )
CONTRACT OF BAILMENT and
CONTRACT OF PLEDGE in particular
The presentation deals with a Special contract comprising CONTRACT OF INDEMNITY, CONTRACT OF GUARANTEE, CONTRACT OF BAILMENT, CONTRACT OF PLEDGE.It also includes different ingredients and aspects of indemnity, contract guarantee, Surety, and pledge.
Contract of guarantee - Legal Environment of Business - Business Law - Manu M...manumelwin
According to Section 126, “a contract of Guarantee is a contract to perform the promise or to discharge the liability of a third person in case of his default.”
Contract of indeminity - Legal Environment of Business - Business Law - Manu ...manumelwin
To indemnify means to compensate or make good the loss. According to Section 124 of the contract Act, “A contract of indemnity a contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself or by the conduct of any other person.”
The presentation deals with Special contract in general and CONTRACT OF INDEMNITY ,
CONTRCAT OF GUARANTEE,
(SEC. 126 TO 147 )
CONTRACT OF BAILMENT and
CONTRACT OF PLEDGE in particular
The presentation deals with a Special contract comprising CONTRACT OF INDEMNITY, CONTRACT OF GUARANTEE, CONTRACT OF BAILMENT, CONTRACT OF PLEDGE.It also includes different ingredients and aspects of indemnity, contract guarantee, Surety, and pledge.
Contract of guarantee - Legal Environment of Business - Business Law - Manu M...manumelwin
According to Section 126, “a contract of Guarantee is a contract to perform the promise or to discharge the liability of a third person in case of his default.”
Contract of indeminity - Legal Environment of Business - Business Law - Manu ...manumelwin
To indemnify means to compensate or make good the loss. According to Section 124 of the contract Act, “A contract of indemnity a contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself or by the conduct of any other person.”
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In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
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Responsibilities of the office bearers while registering multi-state cooperat...Finlaw Consultancy Pvt Ltd
Introduction-
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6. Now who will later pay to surety?
• Principal Debtor will pay later to surety
• Therefore is a consideration u/s 127- Benefits (creditor to PD)which
PD has is consideration for the Surety.
• If PD paid to Creditor, u/s 128 liability same as PD and not continue
after paid by PD. , therefore it is coextensive to PD
• Loan – to become surety, or who is wellwisher.
7. 129 -131
• 129 – Continuing Guarantee- series of transactions
• A asked B to give sugar to C.
• A-----B-------C
10kgs( C pays)
5kgs( C pays)
7kgs( C pays)
10kgs if C not able to pay then A will pay
8. Revocation of Continuing Guarantee
• 130
• By notice- from surety to
creditor
• 131
• Surety dies – CG ends over here
9. Invalid Guarantee
Invalid Guarantee
142 – if
misrepresentation
done for Guarantee
143- concealment of
fact
144-if co-surety
condition placed
unless that co surety
joins
10. Surety : when can be discharged/ can’t be
discharged?
• When he gets discharged from
liablity?
• 133 variance in terms of contract, PD
AND C changed terms of Contract,
therefore now Surety not liable
• 134 PD discharged now Surety not
liable.
• 135 C says that
• he is compounding or
• gives time to PD, or
• not going to sue P
• 139- C – act or omission –
inconsistent to the right of surety
• When he doesnot get discharged
from liablity?
• 136- if Creditor has contracted with
some 3rd person that he will not
sue PD
• 137 cant be discharged on mere
forbearance
• 138- many co- sureties doesnot
mean all the sureties are
discharged
• Rights of co-sureties: equal
contribution/s 146 or
• 147 Contribution according to
respective obligation.
11. Rights of Surety
• 140- PD fails to pay C , surety takes place of C for PD now. Surety steps
in the shoes of C for PD( Rule of Subrogation)
• 141- Rights of creditor will come to surety. Benefit of Creditor’s
security that PD gave to him will come now to surety.
• 145 Who will pay to surety?
PD will pay to surety, indemnity from PD.
