Supreme Court of India
Syndicate Bank v. Channa Veerappa Beleri and Ors.
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1 Supreme Court bench has cited this judgment.
What the Court ordered
We hold that the time began to run not when the operations ceased in the accounts in mid-1986, but on the expiry of 15 days from 12.10.1987 when the demand was made by the Bank and there was B refusal to pay by the guarantors.
Judgment, page 18
From the headnote
The Contract Act, 1872: Section 129-Continuing guarantee-Payable on demand Enforcement of-limitation-Held, the limitation begins to run when the demand is made and the guarantor commits breach by nqt complying with the demand-Limitation Act, 1963-Articles 55 and 13. The appellant Bank had extended credit facilities by way of overdraft, goods loan, and demand loan supply Bills to a company known as Gadag Forge. Fits (India) Pvt. Ltd., 'company' for short). Respondent 1 was its Managing Director and Respondents 2 to 7 were its Directors. The credit facilities were renewed and enhanced from
Authorities it was built on
Where later benches applied it
Of those, 1 referred to
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