Law: Contract, Act, 1872

Section: 7,62

Law: Qanun-e-Shahadat (10 of 1984)

Section: 119

Mortgage-- ----Scope of--Financing facilities--Contractual obligations--Intimation given by the purchaser to the appellant bank and subsequent creation of mortgage charge over the properties of the purchasers, which securities were accepted by the bank and requisite documentation was done, creates binding promise on the part of the bank. Contract Act, 1872 (IX of 1872)-- ----S. 7--Qanun-e-Shahadat Order, 1984, Art. 119--Doctrine of acceptance by silence--Binding contract if acceptance of proposal--Entitlement to discharge of obligation--Failed to lead evidence to establish alleged discharged from obligation--Mortgage created against fresh properties were in addition to the existing securities and not to replace / substitute those--No case of extinguishment of liability of the Respondent No. 1 is made out--Respondents No. 13 & 14 negotiated an independent settlement with the bank to seek their release, which was independent of the vending agreement--This fact further negates the claim of the Respondent No. 1. Contract Act, 1872 (IX of 1872)-- ----S. 62--Principle of novation--Original contract stood substituted with new contract--Misapplication of Law--Mere allegation would not absolve Respondent No. 1 from the obligations under the guarantee--Letters addressed neither substitute original contract nor create any enforceable binding for the appellant bank to allow discharge / release of Respondent No. 1--Arrangement of sale of assets, transfer of management and assumption of liability - entered into and consummated without the consent, express or implied, of the appellant bank - would ipso-facto release/discharge Respondent No. 1--Learned judge banking Court erred in law while rendering the whereby it discharged/released Respondent No. 1 of its obligations--Failure of Respondent No. 1 to prove its alleged release / discharge from the obligation/liability, by way of producing evidence, was grossly overlooked by the learned judge banking court--Judgment dated 02.05.2015 suffers from legal defect, material irregularities and misapplication of law-Appeal was accepted. THIS JUDGMENT DELIVERED BY: ASIM HAFEEZ, J.- The appellant bank has assailed judgment and decree…

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