{"id":237334,"date":"2002-03-15T00:00:00","date_gmt":"2002-03-14T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/punjab-national-bank-vs-maya-enterprises-and-ors-on-15-march-2002"},"modified":"2015-06-01T03:16:10","modified_gmt":"2015-05-31T21:46:10","slug":"punjab-national-bank-vs-maya-enterprises-and-ors-on-15-march-2002","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/punjab-national-bank-vs-maya-enterprises-and-ors-on-15-march-2002","title":{"rendered":"Punjab National Bank vs Maya Enterprises And Ors. on 15 March, 2002"},"content":{"rendered":"<div class=\"docsource_main\">Delhi High Court<\/div>\n<div class=\"doc_title\">Punjab National Bank vs Maya Enterprises And Ors. on 15 March, 2002<\/div>\n<div class=\"doc_citations\">Equivalent citations: 2002 (62) DRJ 729<\/div>\n<div class=\"doc_author\">Author: J Kapoor<\/div>\n<div class=\"doc_bench\">Bench: J Kapoor<\/div>\n<\/p>\n<pre><\/pre>\n<p>JUDGMENT<\/p>\n<p>  J.D. Kapoor, J. <\/p>\n<p> 1. This is a suit for recovery filed by the<br \/>\nplaintiff Bank on account of the dues which the plaintiff<br \/>\nBank had to pay to defendant No. 4, since the defendant<br \/>\nNo. 4 had obtained a decree for non-invokation of the Bank<br \/>\nGuarantee.\n<\/p>\n<p> 2. The defendant No. 4 filed a civil suit in the<br \/>\nCourt of Civil Judge at Udupi, D.K. The suit was decreed<br \/>\nand in pursuance of the decree the plaintiff paid the<br \/>\ndecretal amount including the interest to the tune of<br \/>\nRs. 6,56,078\/- and called up to the defendants 1 to 3 to pay<br \/>\nback the said amount to the plaintiff in terms of their<br \/>\nCounter Guarantee. Despite service of legal notices<br \/>\ndefendants 1 to 3 failed to pay the said dues. Hence this<br \/>\nsuit.\n<\/p>\n<p>3. The averments of the plaintiff in support of its<br \/>\nclaim in brief are as under:-\n<\/p>\n<p> 4. The defendant No. 2 being the sole proprietor of<br \/>\ndefendant No. 1 placed an order on defendant No. 4 of<br \/>\nprinting and supply of lottery tickets and requested the<br \/>\nplaintiff Bank to furnish Bank Guarantee for a sum of<br \/>\nRs. 2,14,000\/- with defendant No. 4 as beneficiary.<br \/>\nDefendant No. 2 as the proprietor and defendant No. 3 as the<br \/>\nguarantor furnished counter guarantees in favor of the<br \/>\nplaintiff clearly undertaking to indemnify the Bank and to<br \/>\npay all amounts in case the plaintiff was compelled to pay<br \/>\nany amount to defendant No. 4 pursuant to the Bank<br \/>\nGuarantee. As a consequence of certain dispute arising<br \/>\nbetween defendant No. 2 and defendant No. 4, the defendant<br \/>\nNo. 4 invoked the Bank Guarantee. The plaintiff Bank<br \/>\nrefused to encash the same on the ground that the<br \/>\ndefendant No. 4 had supplied lottery tickets to defendant<br \/>\nNo. 1 before issuing of Bank Guarantee whereas the said<br \/>\nbank Guarantee did not relate to any past transaction.\n<\/p>\n<p>5. The defendant were proceeded ex parte as they<br \/>\ndid not put in appearance to contest the claim of the<br \/>\nplaintiff despite service of summons of the suit. The<br \/>\nplaintiff was called upon to file affidavit by way of<br \/>\nevidence. In support of its claim the plaintiff has<br \/>\nproved the following documents:-\n<\/p>\n<p>1. Exhibit PW-1\/1 is the photocopy of the power<br \/>\nof attorney authorizing to file the suit.\n<\/p>\n<p>2. Exhibit PW-1\/2 is the letter of sanction for<br \/>\nissuing the Bank Guarantee.\n<\/p>\n<p>3. Exhibit PW-1\/3 is the certified copy of the<br \/>\nBank Guarantee.\n<\/p>\n<p>4. Exhibit PW-1\/4 is the counter guarantee by<br \/>\ndefendant No. 2 as proprietor of defendant No. 1.\n<\/p>\n<p>5. Exhibit PW-1.5 is the certified copy of the<br \/>\njudgment and decree taken by the plaintiff<br \/>\nagainst defendants 1 &amp; 2.\n<\/p>\n<p>6. Exhibit PW-1\/6 is the certified copy of the<br \/>\njudgment passed by the Civil Judge, Udupi.\n<\/p>\n<p>7. Exhibit PW-1\/7 &amp; PW-1\/8 are the letters<br \/>\nwritten by the Mangalore Branch of the plaintiff<br \/>\nto the plaintiff.\n<\/p>\n<p> 8. Exhibit PW-1\/9 is the letter by the counsel<br \/>\nfor the plaintiff informing full satisfaction of<br \/>\nthe decree passed by Udupi Court, <\/p>\n<p> 9. Exhibit PW-1\/10 is the reply sent by<br \/>\nMangalore Branch of the plaintiff to the<br \/>\ncounsel.\n<\/p>\n<p> 10. Exhibit PW-1\/11 are the certified copies of<br \/>\nthe proceedings pertaining to the Court of Civil<br \/>\nJudge, Udupi.\n<\/p>\n<p>11. Exhibit PW-1\/12 &amp; PW-1\/13 are the carbon<br \/>\ncopies of the legal notice and postal receipts.\n<\/p>\n<p>6. As is apparent from the aforesaid documents<br \/>\ndefendant No. 2 had given a counter guarantee in favor of<br \/>\nthe plaintiff bank that in case the plaintiff has to pay<br \/>\nany amount to defendant No. 4 in pursuance of the<br \/>\ninvocation of the bank Guarantee they will re-imburse the<br \/>\nsaid amount to the plaintiff Bank. Since the defendants<br \/>\nhave failed to pay, the plaintiff is entitled to the<br \/>\ndecree as prayed for.\n<\/p>\n<p>7. The suit of the plaintiff is decreed for<br \/>\nRs. 6,78,788.65 with costs and pendente lite and future<br \/>\ninterest @ 24.75% per annum from the date of the filing of<br \/>\nthe suit till its realization. Decree sheet be drawn up<br \/>\naccordingly.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Delhi High Court Punjab National Bank vs Maya Enterprises And Ors. on 15 March, 2002 Equivalent citations: 2002 (62) DRJ 729 Author: J Kapoor Bench: J Kapoor JUDGMENT J.D. Kapoor, J. 1. This is a suit for recovery filed by the plaintiff Bank on account of the dues which the plaintiff Bank had to pay [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[14,8],"tags":[],"class_list":["post-237334","post","type-post","status-publish","format-standard","hentry","category-delhi-high-court","category-high-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Punjab National Bank vs Maya Enterprises And Ors. on 15 March, 2002 - Free Judgements of Supreme Court &amp; High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/punjab-national-bank-vs-maya-enterprises-and-ors-on-15-march-2002\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Punjab National Bank vs Maya Enterprises And Ors. on 15 March, 2002 - Free Judgements of Supreme Court &amp; 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