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Industrial Development Bank of Pakistan Ordinance (XXXI of 1961) S.39 Suit for recovery of loan amount with mark up decreed Validity Appellant Company had not adhered to agreed terms for repayment of finance Initial period of financing stood modified at appellant's request through terms of re scheduling, thus, appellant was obliged to pay the agreed rate of return on amount overdue Claim of Bank had arisen on account of appellants' failure to repay finance in accordance with agreed terms Bank was, thus, not at fault for not filing its suit, when company had initially committed default in meeting its payment obligations ¬Appellant had not filed application for leave to appear and defend suit Statement of accounts showing various credit and debit entries had not been challenged by company Bank had reduced its claim from Rs.36, 91, 971 to Rs.31,24,000.17 High Court allowed appeal and modified impugned decree accordingly. JUDGMENT JAWWAD S. KHAWAJA, J. The present (Regular First Appeal No.668 of 2001) and Regular First Appeal No.675 of 2001 are being heard and decided together as these appeals arise from the same judgment and decree dated 26 7 2001 passed by the learned Banking Court No.II, Lahore. Regular First Appeal No.668 of 2001 has been filed by Messrs Combined Oil Extraction (Pvt.) Limited and two others, namely, Muhammad Arshari and Ansar Mahmood, who are, for convenience, referred to in this judgment as the appellants Regular First Appeal No.675 of 2001 has been filed by the Industrial Development Bank of Pakistan (IDBP) which was the plaintiff before the learned Banking Court. Two of the defendants before the learned Banking Court, namely, Muhammad Amin and Abdul Majeed Sheikh have not assailed the impugned decree dated 26 7 2001 and have, therefore, been arrayed as respondents in both appeals. 2. Briefly stated the facts of the case are that IDBP filed a suit against the defendants on 1 12 2000 for recovery of an amount of Rs.36,91,971.77 as the sum due to IDBP on account of finance provided by it to the defendants. Messrs Combined Oil Extraction (Pvt.) Limited was arrayed in the suit as principal debtor, while the other defendants were sued in their…

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