Law:

Section:

Banking Companies (Recovery of Loans) Ordinance (XIX of 1979)-------S. 6---Law Reforms Ordinance (XII of 1972), S.3---Recovery of loan ---Intra­-Court Appeal---Maintainability---Pakistan Banking Council in its meeting had waived interest on loan obtained by borrower company and decision in that respect was duly conveyed to the parties---Company paid considerable amount of principal amount to Bank and issued cheque for remaining amount but Bank declined to accept same. and also refused to release documents of title to borrower company---High Court found that decision of Pakistan Banking Council with regard to interest amounted to waiver of entire interest accrued or which was to be accrued in future; and such decision of Pakistan Banking Council had already been conveyed and acted upon could not be modified or altered unilaterally---Order passed by High Court being very clear and all submissions made by Bank having been taken note of, could not be interfered with in Intra-Court Appeal ---Intra-Court Appeal not being maintainable, was dismissed, in circumstances. ORDER This appeal has arisen out of the orders passed by learned Single Judge in Chamber on 11-4-1995 on Report No.308 and C.M. No.207-L-95 in C.O. No.45/90. Taj Company Limited, under liquidation, had obtained a loan of Rs.35,00,000 from United Bank Limited. A decision was taken by Pakistan Banking Council in its meeting on 23-1-1992 to waive the interest on the said loan which was conveyed vide letter dated 10-2-1992. The operative part of the letter reads: "The MCBs' Presidents have decided that your request to waive off the interest so far accrued without any mark-up within a maximum period of 12 years may be acceded to." Mr. Muhammad Nazar Khan, Advocate/Member, Board of Administrators Taj company had informed the learned single Judge that the appellant had been paid Rs.22,00,000 by the said Company in the following break-up:--- (a) Rs.10,00,000 paid on 8-4-1990. (b) Rs.12,00,000 paid on 5-8-1990 The Company had issued a cheque for the remaining amount of Rs.13,00,000 but the appellant bank declined to accept that cheque and also refused to release the documents of title. 2. The petition C.M.…

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