STATE BANK OF SAURASHTRA vs M/S ASHIT SHIPPING SERVICES P.LTD.

The Supreme Court addressed the enforceability of an indemnity bond in the context of a delivery of goods without the presentation of bills of lading. The Court held that the indemnity bond, which included a guarantee from the Appellant Bank, was binding and enforceable despite the absence of the bills of lading, as the 1st Respondent had acted in reliance on the bond. The Court affirmed the lower court's decision to allow the summary suit under Order 37 of the Code of Civil Procedure, thereby upholding the claim of the 1st Respondent for the amount due under the indemnity.