| Citation(s) |
|---|
| 2025 SLG 1335 2025 SLD 1335 = 2025 LHC 3488 |
Lahore High Court
C.O.S. No. 55735 / 2022 & P.L.A. Nos. 67952, 66029, 75802 & 68570 of 2022
ABID HUSSAIN CHATTHA, J
Date of Judgment: 14.05.2025 Plaintiff By: Mr. Hasham Ahmad Khan, Advocate Mr. Isa Ahmad Jalil, Advocate Defendants No. 1 to 4 By: Mr. Muhammad Imran Malik, Advocate Defendant No. 7 By: Mr. Nawaz Asif, Advocate
C.O.S. No. 55735 / 2022 & P.L.A. Nos. 67952, 66029, 75802 & 68570 of 2022
ABID HUSSAIN CHATTHA, J
Date of Judgment: 14.05.2025 Plaintiff By: Mr. Hasham Ahmad Khan, Advocate Mr. Isa Ahmad Jalil, Advocate Defendants No. 1 to 4 By: Mr. Muhammad Imran Malik, Advocate Defendant No. 7 By: Mr. Nawaz Asif, Advocate
The Bank of Punjab
VERSUS
M/s Hira Textile Mills Limited and 08 others
Law: Financial Institutions (Recovery of Finances) Ordinance, 2001
Section: 2(d)(iii), 2(d)(ix), 2(e)(i), 3, 9(2), 9(3), 19(1)
Summary of the Case: Restructuring Default
This is a financial recovery suit filed under the Financial Institutions (Recovery of Finances) Ordinance, 2001 by a bank (Plaintiff) to recover Rs. 256,687,153/- from a company (Defendant No. 1) and its directors/guarantors (Defendants No. 2–4), based on their acknowledged liability under a restructured finance agreement.
Defendant No. 1 had availed finance from the Plaintiff Bank since 2007.
In 2019, the facilities were restructured, and the company signed new agreements in 2020, clearly acknowledging the outstanding liability.