Supreme Court · 2019 INSC 1211 · Decided 6 November 2019
M/S Oriental Kuries LTD. Represented BY Its Chairman P. D. Jose v. Lissa & ORS.
- Court
- Supreme Court of India
- Citation
- 2019 INSC 1211 · [2019] 15 S.C.R. 258
- Case number
- CIVIL APPEAL No. 5401/2009
- Decided
- 6 November 2019
- Bench
- INDU MALHOTRA, SANJIV KHANNA (2-judge bench)
- Outcome
- Amount Awarded
- Case type
- Civil
Headnote
Chits Funds Act, 1982: s.32 - Jural relationship between a chit fund entity and subscribers created by chitty agreement - Whether by entering into a chitty agreement, a debt is not created at once by the subscriber with respect to the amount instalments - Held: Where a contract provides for payment of money in installments, and contains a stipulation that on default being committed in paying any of the installments, the whole sum shall become payable at once, such a stipulation is not in the nature of penalty - The
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