https://www.taxtmi.com/caselaws?id=309541 The High Court interpreted Sections 134 and 137 of the Indian Contract Act regarding the liability of sureties on a surety bond. The court held that the sureties were discharged as the principal debtor's debt became statute-barred, leading to the discharge of the sureties' liability. The court emphasized that the surety's liability ceases when the principal debtor's liability is discharged due to the creditor's omission to act within the limitation period. Therefore, the court dismissed the appeal and affirmed the lower court's decision, ruling in favor of the defendants. en-us Mon, 16 Jun 1902 00:00:00 +0521 Fri, 08 Sep 2023 17:51:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309541 The High Court interpreted Sections 134 and 137 of the Indian Contract Act regarding the liability of sureties on a surety bond. The court held that the sureties were discharged as the principal debtor's debt became statute-barred, leading to the discharge of the sureties' liability. The court emphasized that the surety's liability ceases when the principal debtor's liability is discharged due to the creditor's omission to act within the limitation period. Therefore, the court dismissed the appeal and affirmed the lower court's decision, ruling in favor of the defendants. Case-Laws Indian Laws Mon, 16 Jun 1902 00:00:00 +0521 https://www.taxtmi.com/caselaws?id=309541