Critical Analysis Of Discharge Of Principal Debtor In Contract Of Guarantee With Respect To Subramania Chettiar Vs Narayanswami (1951)
Venkata Kishore Sreemalle, SVKM’S Narsee Monjee Institute of Management Studies, Bengaluru
ABSTRACT
Through this extensive research, the author tried to explain the topic in contract of guarantee, various types of guarantees under the Indian Contract Act 1872. The author even explained about the essentials of contract of guarantee. The author even tried to explain the different parties involved in the contract of guarantee i.e creditor, principal debtor and the guarantor (surety) and author even explained various ways of revocation of the contract of guarantee. The author even tried to explain the question of whether or not surety or the principal debtor can be made liable individually and can only be sued in the court of law. The author even tried to explain various right of principal debtor and the surety when surety has the right against the principal debtor in case of revocation of contract of guarantee or discharge of liability of the principal debtor. And the author even tried to explain the various circumstances where the principal debtor can discharge his/her liability. The author even tried to explain the what will be situation of the surety if principal debtor is discharged from the liability, will the surety be liable to pay the requisite amount to the creditor or not? The author even tried to explain the answer to this question in this research paper. The author even tried to explain the discharge of liability of principal debtor with respect to the famous case of Subramanaia chettiar vs Narayan swami. The author even expressed his views about the discharge of liability of principal debtor with respect to the case of Subramanaia Chettiar vs Narayan Swami.
Keywords: contract of guarantee, Liability, principal debtor, creditor, surety, specific guarantee, continuing guarantee
