Supreme Court of India
M/s H.D.F.C. v. Gautam Kumar Nag & Ors.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
In the result the appeal is allowed but in the facts of the case, there will be no order as to costs.
Judgment, page 7
From the headnote
Contract Act, 1872: s.139 - Liability of the guarantor - Held: Is equal to and co-extensive with the borrower - Guarantor cannot avoid his liability simply on the basis of the promissory note made out or an equitable mortgage created by the borrower in favour of the lender. According to the appellant Corporation, defendant 0 No.1, the owner of a plot of land was sanctioned loan for constructing a house on the plot. Defendant No.1 executed the Loan Agreement and a promissory note in favour of the appellant. In addition, defendant No.1 also created an equitable mortgage in favour of the
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