https://www.taxtmi.com/caselaws?id=98680 The Supreme Court modified the trial court's decree, determining that the bank's suit was not premature. The bank was entitled to claim the money due under the promissory note and the bond executed by Ranjit Singh. However, Ranjit Singh's liability was limited to the "ultimate balance" due from the company, to be determined under the scheme. The court directed a stay on the suit until the ultimate balance was established, after which the claim would be decreed according to the bond's terms. The High Court's decree was overturned, and the case was remanded to the trial court for further proceedings. en-us Wed, 17 Sep 1969 00:00:00 +0530 Fri, 05 Sep 2014 09:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98680 The Supreme Court modified the trial court's decree, determining that the bank's suit was not premature. The bank was entitled to claim the money due under the promissory note and the bond executed by Ranjit Singh. However, Ranjit Singh's liability was limited to the "ultimate balance" due from the company, to be determined under the scheme. The court directed a stay on the suit until the ultimate balance was established, after which the claim would be decreed according to the bond's terms. The High Court's decree was overturned, and the case was remanded to the trial court for further proceedings. Case-Laws Companies Law Wed, 17 Sep 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98680