Law:

Section:

Industrial Development Bank of Pakistan Ordinance (XXXI of 1961)-------Ss. 39.& 38---Civil Procedure Code (V of 1908), S. 47---Ad interim order of attachment in respect of property mortgaged with petitioner (Bank) in lieu of debt---Prayer for making interim order absolute---Entitlement---Where no cause against order of attachment was shown, Court would forthwith make order ad interim absolute and direct sales of attached property or transfer management of concern to Bank or confirm injunction---Where, however, cause was shown against attachment Court would proceed to investigate claim of Bank and provisions of C.P.C. would, as far as practicable, apply to such proceedings--­Respondents, however, failed to show cause against attachment---Respondent having imported machinery failed to get the same cleared from customs despite lapse of four years---Such circumstances would tend to show that respondents were short of funds and despite their alleged assertion that they had arranged for requisite funds, it was not demonstrated by them as to why imported machinery could not be cleared from customs---Bank having produced statement of accounts payable by respondents, no plausible cause was shown by respondents for non-payment of claim advanced by Bank---Bank in terms of S.38 of the Ordinance could, by notice, require any industrial concern to which it had granted any loan or any person liable for payment of loan forthwith to repay loan in full, if for any other reasons, it was necessary, in opinion of Board of Directors of Bank, to protect its interests or if in its opinion Management of Business or industrial concern was not being conducted in satisfactory manner or its share capital was being impaired---Interim order of attachment was made absolute and attached properties were directed to be sold for realization of Bank's dues. JUDGMENT By this petition under section 39 of the Industrial Development Bank of Pakistan Ordinance, 1961 (hereinafter called the Ordinance) petitioner Bank seeks the recovery of Japanese Yen 1,078,888,363.14 and Rs.271,722 due on 31-12-1993 against the respondent No.,1., company represented through respondents Nos.2 to I 1 as its…

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