i m bank t ltd vs bharat kumar karsandas ruparelia three others 2022 tzhccomd 373 23 november 2022
The execution of the term loan facility between the Plaintiff and the 3rd Defendant constituted a novation, extinguishing the original overdraft facility and discharging the 1st Defendant from liability. The Plaintiff's claim against the 1st Defendant was not justified as the original facility ceased to exist upon novation and settlement with the 3rd Defendant.
Source excerpt
- Novation
- Overdraft facility
- Term loan
- Guarantor liability
- Discharge of contract