Supreme Court Considers Whether a Bond Executed by a Company Director Constituted a Contract of Guarantee or Indemnity Under Section 126 of the Indian Contract Act, 1872. The Court Also Examined the Binding Nature of a Scheme of Composition Sanctioned Under Section 391 of the Companies Act, 1956 on Dissenting Creditors.
17 Sep 1969The case involved a cash-credit account opened by the first respondent company with the appellant bank. On June 7, 1953, the company executed a promis...
