Law: Companies Ordinance, 1984

Section: 316

(a) Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997)--Ss. 10 & 11---Companies Ordinance (XLVII of 1984), S.316---Suit for recovery of loan---Application for leave to defend--­Winding up order---Stay of suits--- Validity--­Defendant company was ordered to 6e wound up by Companies Judge and proceedings in other suits against the defendant company and its directors/guarantors were not stopped---Where no such order to stop the proceedings was passed, no leave of Companies Judge was required---Liability on behalf of defendant company was admitted---Leave to defend was refused and the suit was decreed. (b) Civil Procedure Code (V of 1908)--- ----O. III, R.4 (2)---Counsel and client, relationship of---Right of counsel to represent a party---Counsel duly appointed by a client had a right to appear and plead for his client on all dates of hearing till such time, the power was withdrawn or revoked according to rules---Where the counsel was not relieved from his responsibility to appear and act on behalf of his client and the power was neither withdrawn nor revoked, appointment of counsel was deemed to continue in force. JUDGMENT On the request of Mohib Textile Mills Limited (Defendant No.1) and on the guarantee of its Directors; namely, Mr. Asif Saigol, Mr. Asif Saigol and Mr. Abid Saigol (defendants Nos.2 to 4) Pak-Libya Holding Company (Pvt.) Limited (plaintiff herein) extended Lease Finance Facilities to them. In connection with the aforesaid facilities defendant No.1 executed, inter alia, several Lease Agreements and Demand Promissory Notes while defendants Nos.2 to 3 executed Letters of Guarantee and Indemnity assuring payment of all sums due under the various Lease Agreements. The defendants committed breach of their promises and undertakings and after issuing legal notice to the defendants to pay the outstanding dues which were not responded to by the defendants, the plaintiff filed the present suit against the defendants for recovery of Rs.90,233,245 together with Markup, for possession of the Leased Machinery and Equipment, Permanent Injunction restraining the defendants from transferring, selling or dealing with the…

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