For Your Data Kumar Krishna Rohatgi 5 Sbi Illustration Brief
February 20, 2019
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Kumar Krishna Rohatgi v SBI example brief summary
A inwardness of five lakhs was advanced to the accused fellowship past times a bank. The fellowship executed a promissory regime annotation inwards favor of the bank. It renewed promissory regime annotation from fourth dimension to fourth dimension as well as made a payment towards the amount advanced to it. In June of 1959, a promissory regime annotation was renewed past times the managing manager of the company. The loan amount, however, was non paid, as well as the banking enterprise ultimately filed a coin suit.
The defence of the fellowship was that the managing director, in absence of a resolution adopted past times the board, MD had no authorisation to execute a promissory note. Therefore, loan non binding on the company.
The courtroom held, If the loan amount, fifty-fifty taken without its authorization, had been used for the create goodness of the fellowship as well as therefore the fellowship cannot repudiate its liability to repay.
When an agent borrows coin for a primary without the authorisation of the principal, but if the primary takes create goodness of the coin therefore borrowed or when the coin therefore borrowed cause got gone into the coffers of the principal, the police pull implies a hope to repay.
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