Law:

Section:

(a) Banking Companies Ordinance (LVII of 1962) S.33 B Circulars issued by State Bank of Pakistan under S.33 B providing incentive scheme to long term Bank defaulters and sick units for making payment to the Bank Nature Such circulars having been issued under authority conferred by statute must be treated as having the force of law. (b) Banking Companies Ordnance (LVII of 1962) S.33 B Circulars issued by State Bank of Pakistan providing incentive scheme Dates stipulated in such circulars ¬ Entitlement to benefit under the scheme Statutory provisions i.e. S.33 B, Banking Companies Ordinance, 1962, had expressly provided for laying down the general guideline for facilitating recovery of bad or doubtful loans, advances of finances by giving incentives to borrowers or customers to make payment within a specified time frame Time for payment; in circumstances, was of the essence and it could not be said that as a general rule the time limit could not be considered to be of the essence for the purpose of availing benefits under the incentive schemes. (c) Interpretation of statutes Delegated legislation While construing the provisions of delegated legislation, the scope of authority conferred upon the delegatee by the parent statute, must always be kept in view. ORDER We had sought certain clarifications from the learned counsel for the parties with respect to the application of the Incentive Scheme introduced vide B.P.R.D. Circular No.19, dated 5 6 1997 and both Messrs Nafees Siddiqui and Kazim Hassan appeared before us today. Mr. Nafees Siddiqui drew our attention to a letter that he received from the appellant according to which even if the respondents are found entitled to the benefit of the Incentive Scheme they would still be liable to pay further amount of Rs.22,922,502.21. Since we are clearly of the opinion that in any event the respondents would not be entitled to deduct the amount of Rs.18,676,909.73 for the purpose of calculating the principal and such amount had to be treated as payment towards interest/mark up, in terms of the B.P.R.D. Circular No.36 of 1997, such deduction was not permissible. We would, therefore, allow this appeal, set aside the impugned…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492