Law:

Section:

THIS ORDER PASSED BY: AZIZ-UR-REHMAN, JUSTICE:---.--- The Plaintiff Bank has filed the present suit on 22.5.2012 against the Defendant under section 9 of the Financial Institutions (Recovery of Finances) Ordinance, 2001, inter alia for Recovery of PKR 465,591,170.03 and US$ 439,147/- along with Cost of Funds and Cost of Suit, Sale of pledged/hypothecated assets/goods etc. with the following prayers:- a. A judgment and decree be passed in favour of the Plaintiff Bank and against the Defendants jointly and severally for the payment of PKR 465,591,170.03 [Rupees Four Hundred Sixty Five Million Five Hundred Ninety One Thousand One Hundred Seventy and Three Paisas Only]. And US$ 439,147/- [US $ Four Hundred Thirty Nine Thousand One Hundred Forty Seven Only]; b. Hypothecated Goods/Assets ordered to be sold for realization of the decretal amount and proceeds thereof be adjusted towards the decretal amount. The details of the hypothecated Goods/Assets are as under: "All present and future goods, stocks, raw material including stocks of rice [all kinds of rice], stock in trade stock in transit, finished, unfinished goods, processed, unprocessed, stored and lying at T.P.X, Plinth C-7 and E-6, Karachi, and Plot numbers 1 and 2, Phase II, Hawksbay Road, Karachi" "All the customer's present and future goods, merchandise, products, stocks, stocks-in-trade, raw materials, tools and spares, work in progress, finished and unfinished goods, now or hereafter stored, or located or lying at factory premises at Karachi in transit or elsewhere in Pakistan comprising of all present and future stocks, movable assets of the Customer including work in process, stocks in trade etc. or any other place of storage/godown in Pakistan and all such aforesaid goods in the course transit including goods referred by and released under trust receipts and future goods/stocks that may be brought into the above place of storage/godowns." All the customer's present and future book debts and receivables, outstanding moneys, receivable, claims, bills, contracts, engagement securities, rights and assets including all documents related thereto together with the benefit of all rights and contracts entered…