Law: Securities and Exchange Commission (Insurance) Rules, 2002

Section: 24

Law: Constitution of Pakistan, 1973

Section: 199

Securities & Exchange Commission (Insurance) Rules, 2002-- ----R. 24--Constitution of Pakistan, 1973, Art. 199--Scope of Insurance Ordinance, 2000--Petroleum business--Financial facilities--Class over payment of insurance amount--Natural disaster--Claim of insurance--Lakes jurisdiction--Factual controversy--Question of whether the petitioner is entitled to receive the first assessed counter the second reassessed specific amount--Petitioner deals in petroleum business, obtained financial facilities from government bank, in lieu thereof, as security building along with petroleum products were mortgaged with bank--Insurance company contended that high Court lacks jurisdiction Validity--Petitioner was under obligation to approach insurance tribunal constituted by SECP--Though petitioner has arrayed SECP as respondent, but high Court found it just an eye wash on get entertain writ petition--Further held that petitioner executed an agreement in respect of insurance of his belonging, appears to be a private entity by law, no writ can be issued against private person--Further held that issue is purely factual in nature and high Court while sitting in writ jurisdiction cannot resolve factual controversy--Petition dismissed. ORDER Abdul Shakoor, J.--Through the instant writ petition under Article 199 of the Constitution of Islamic Republic of Pakistan, 1973, M/S.. Jawad Filling Station, Booni Road, Green Lasht District Chitral through their representative/Sole Proprietor has set up the following perspective prayer: "In view of the above submissions, it is therefore, most humbly prayed that on the acceptance of this writ petition, this august Court may graciously be pleased to issue an appropriate writ thereby: 1. To declare Letter No. UIC Claim No. FCL-D003/08/2015 as illegal and not according to the insurance claim/ insurance Policy No. 146/PSH/FC/0000111/03/2015 dated 24.3.2015. 2. Direct the Respondents to release the amount of Rs. 30,00,000/- for commercial building and Rs. 69,23,077/- for the stock. "Granting any other relief/remedy for which they are deemed fit in law, equity and justice." 2. Brief facts of the case are that Petitioner/Filling Station based at…

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