The Supreme Court of India has dismissed appeals filed by Archean Industries Private Limited and Canara Bank, affirming the liability of a corporate guarantor while upholding an indemnity decree against a bank for an erroneous remittance. The Court held that a document styled as a “Corporate Guarantee” constituted a valid contract under Section 126 of
‘Corporate Guarantee’ Constituted Valid Contract Under Section 126; Bank Liable for Erroneous Remittance: Supreme Court
