Law: Industrial Development Bank of Pakistan Ordinance, 1961

Section: 39

Industrial Development Bank of Pakistan Ordinance (XXXI of 1961)--- ----Preamble & S.39---Nature and purpose of Industrial Development Bank of Pakistan Ordinance, 1961---Ordinance is a special law and has been enacted for making credit facilities expeditiously available to industrial concerns and to safeguard interest of Bank for prompt recovery of its dues---Ordinance strikes a balance between its objectives and mode of achieving them and looks after interests of industrial concerns as well as of Bank---Section 39 of Industrial Development Bank of Pakistan Ordinance, 1961, provides special provisions for enforcement of claim of Bank---Debtors, having failed to show sufficient cause for non-payment of amount of Bank dues, Court had rightly issued order to make interim order of attachment absolute. Haji Ali Khan &.Co. Abbottabad and 8 others v. Messrs Allied Bank of Pakistan Ltd., Abbottabad PLD 1995 SC 362 ref. Asghar Ali Bhutta for Appellants Ainuddin Khan for Respondent Date of hearing: 6th October, 1998 JUDGMENT NAZIM HUSSAIN SIDDIQUI, 1.---This appeal under section 39(ii) of the Industrial Development Bank of Pakistan Ordinance, 1961, hereinafter called the Ordinance, is directed against the order dated 24-4-1998 of learned Single Judge. of this Court, whereby interim order of attachment dated 31-5-1998 was made absolute and the Official Assignee was appointed as "Commissioner" to take over management and possession of the various properties of the appellants and to sell them for realization of the dues of the respondent amounting to Rs.44,086,049.15 with mark-up (& 22% from the date of institution of proceedings till payment with cost.   ?The respondent M/s. Industrial Development Bank of Pakistan, filed J.M. No.122 of 1995 under section 39 of the Ordinance for recovery of Rs.44,086,049.15 against the appellants (1) M/s. Taufiq Textile Mills (Pvt.) Ltd., (2) Taufiqullah Shah, (3) Tanvirullah Shah (4) Faridullah Shah and (5) Mrs. Zahida Tanvir w/o Tanvirullah Shah. It is the case of the respondent-Bank that it granted to the appellant No. l a local currency finance assistance in the sum of Rs.17.25 million on mark-up basis under…