Law:

Section:

Keywords: Suit For Recovery, Payment, Order, Recovery, Period, Dispute, Summons, Proceedings, Goods, Cheating, Verification, Immovable Property, Guilty, Repayment, Land, Magistrate, Property, Quashment, Civil Court, Loan, Procedure, Criminal Offence Result: Proceedings quashed JUDGMENT This is a reference by Additional Sessions Judge, Court No. 6, Karachi recommending that proceedings of a case stated on direct complaint for offence under sections 420, 422 and 423, P. P. C. Against respondents 1 to 4 may be quashed. 2. Facts is brief are that the respondent's firm known as Messrs Easy Pit International had opened an account with Habib Bank Limited, Cloth Market Branch, Karachi and had applied for overdraft facilities to the tune of Rs. 5,00,000 as security they had hypothecated their stock and machinery lying in the factory and mortgaged immovable property consisting of land, building, factory etc. The stocks, which were hypothecated with the Bank had been duly assessed by the Bank surveyor and verified by the officer of the Bank. The Bank officer had reported that the value of .The goods pledged with the value of the machinery, equipment, land and building was worth Rs. 5,40,340. On this report the overdraft of Rs. 5,00,000 was sanctioned on condition that the amount will be paid back within 45 days. A promissory note for the amount was duly executed by the respondents and they also gave the undertaking to repay the amount within 45 days as they expected loan facility from Pakistan Industrial Credit and Investment Corporation Limited to the extent of Rs. 8,50,000. However, on account of the disturbances in East Pakistan this loan could not be obtained and the repayment of the overdraft could not be effected. This led to lot of correspondence between the Bank and the respondents for a period of 17 or 18 months. Thereafter the Bank instead of filing the suit for recovery of the amount preferred to institute a criminal complaint in the Court of A. C. M., Court No. 6, Karachi against all the partners, namely, Sulaiman Hoodbhoy, an old man of about 80 years, his wife Mrs. Zarin Sulaiman an old lady and their two sons Abdul Aziz and Abdul Hussain. Bailable warrants…

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