liability of the guarantor — in view of the statutory provision under section 130 of the Indian Contract Act, 1872,

2008 SCCL.COM 365(Case No: Civil Appeal No.1878 of 2008) Sita Ram Gupta Appellant versus Punjab National Bank & others RespondentsDate of Decision(mm/dd/yy): 3/10/2008.Judge(s): Hon'ble Mr. Justice Tarun Chatterjee and Hon'ble Mr. Justice Harjit Singh Bedi. Subject Index: Indian Contract Act, 1872 — section 130 — liability of the guarantor — in view of the statutory provision under section 130 of the Indian Contract Act, 1872, whether the High Court was justified in holding that the appellant who was a guarantor of the loan advanced to the defendant nos.1 to 4 was liable to pay the decretal amount on the ground that the appellant had revoked the guarantee before such loan was actually paid to the defendant Nos.1 to 4 and long before the suit was filed by the bank against the defendants for recovery of such loan — not open to the appellant to revoke the guarantee as the appellant had agreed to treat the guarantee as a continuing one and was bound by the terms and conditions of the said guarantee — it is difficult to accept the submissions of the learned counsel for the appellant that in view of the statutory provision under Section 130 of the Act, after the revocation of the guarantee by the appellant, he was not liable to pay the decretal amount to the Bank.