Law:

Section:

Foreign Currency Loan (Rate of Exchange) Order P.O. No. 3 of 1982------Arts. 3 & 4(2)---Scope and application of Arts. 3 & 4(2) of the Order---Right of recovery if remained alive (even if subject to certain conditions), it could not be assumed that the transaction had become past and closed and the party would be liable to repay the loan under the Foreign Currency Loan (Rate of Exchange) Order, 1982 on the basis of rate of exchange on the foreign currency loan enforced on the date of actual payment. It was provided in Article 3 of Foreign Currency Loan (Rate of Exchange) Order, 1982 that notwithstanding anything contained in any other law for the time being in force, the of any Court or any agreement, contract or other instrument, the rate of exchange for repayment in respect of an outstanding foreign currency loan would be at the rate of exchange in force under section 23 of the State Bank of Pakistan Act, 1956 on the date of actual repayment to the financial institutions. Sub-Article (2) of Article 4 of the said Order, provided that any writ issued, or decision given before or after commencement of the Order, inconsistent to the provisions of the Order, would be null and void and would have no consequence. However, this Order was not made applicable to the cases in which liability in respect of foreign currency loans towards financial institutions stood already discharged and loan was no more outstanding. In the present case under the agreement, the petitioners were required to deposit an amount of rupees fifteen lacs inclusive of interest, penal interest, premium and charges payable by them within the time specified therein and this deposit was without prejudice to the right of respondents for claim of the balance amount which would ultimately become due and recoverable. The parties had agreed that in case of failure of the petitioners to deposit the amount of rupees fifteen lacs within the prescribed period, the winding up petition would be deemed to be allowed and if the payment would be made within the time fixed, the winding up petition would stand dismissed as withdrawn. The parties with a view to make amicable settlement of the dispute and to…

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