| Citation(s) |
|---|
| 2011 SLG 1932 2011 SLD 1932 2011 CLD 461 |
Sindh High Court
Suit No.B-107 of 2009 and C.M.A. Nos.8592, 9265, 8595, 8591,8593 and 8594 of 2009, decision dated: 15-12-2010.
MUHAMMAD TASNIM, J
Saim Hashmi, Jam Asif Mehmood and Behzad Haider for Plaintiff.Habibur Rehman for Defendants Nos. 1 to 3.
Suit No.B-107 of 2009 and C.M.A. Nos.8592, 9265, 8595, 8591,8593 and 8594 of 2009, decision dated: 15-12-2010.
MUHAMMAD TASNIM, J
Saim Hashmi, Jam Asif Mehmood and Behzad Haider for Plaintiff.Habibur Rehman for Defendants Nos. 1 to 3.
KASB BANK LIMITED--PlaintiffvsMirza GHULAM MUJTABA and 2 others----Defendants
Law:
Section:
(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------S. 9(1)---Recovery suit, filing of---Locus standi---Contention of defendants was that as no resolution of Board of Directors was appended with the plaint, therefore, suit filed on behalf of bank was not filed by competent person---Validity---Plaint could be presented by a financial institution before Banking Court duly signed and verified on oath either by branch manager or such other officer of the bank who held power of attorney- or was authorized otherwise---Plaintiff bank brought on record valid power of attorneys and the same had fulfilled requirements of section 9 (1) of Financial Institutions (Recovery of Finances) Ordinance, 2001---Suit was maintainable in circumstances. The Central Bank of India, Ltd., Lahore v. Messrs Taj-ud-Din Abdur Rauf and others 1992 SCMR 846; PICIC Commercial Bank Limited v. Spectrum Fisheries Limited 2006 CLD 440; United Bank Limited v. Pak. Leather Grafts Limited and others 2010 CLC 701; Al-Madina Electric Store v. Habib Bank Limited 2006 CLD 734; Habib Bank Limited v. A.B.M. Graner (Pvt.) Limited and others PLD 2001 Kar. 264 and Nusrat Textile Mills Ltd. and others v. United Bank Ltd. 2005 CLD 1421 distinguished. Banque Indosuez v. Jet Travels Limited and others 1991 CLC 446; National Bank of Pakistan v. Muhammad Ashraf Sanik and another PLD 1987 Lah.17 and Khyam Films and another v. Bank of Bahawalpur Ltd. 1982 CLC 1275 rel. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S. 9---Contract Act (IX of 1872), S.176---Recovery of bank loan--- Pawnee's right--- Default by pawnor---Remedy---Defendants contended that suit filed by bank was not maintainable as plaintiff bank should have sold pledged shares available with it----Validity---It was a right of pawnee/pledgee either to bring a suit upon debt or to sell goods pledged upon giving a reasonable notice of sale---Both rights were concurrent and had been provided under section 176 of Contract Act, 1872--- Pawnee had a right under section 176 of Contract Act, 1872, to auction the debt, notwithstanding possession of goods, subject to pawnee's right to redeem the goods…
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