Law:

Section:

Contract Act (IX of 1872)------S.52---Breach of contract---Suit fog damages by customer against Bank---Plaintiff had claimed that the failure of the Bank to abide by the Financial Settlement Agreement was a material breach that went to the very root of the restructuring and the consideration thereof and such breach by the Bank of the Financial Settlement Agreement had resulted in substantial losses to the plaintiff and it sought various reliefs in that behalf---Validity---Obligations of the customer, specified in the Agreement Were conditions precedent to the performance of any obligations on the part of the Bank---Order in which said obligations were to be performed was very clearly specified in the Agreement--¬Agreement also laid down the time frame in which the customer was required to comply with the said conditions precedent---Provision of S.52, Contract Act, 1872 provided that reciprocal promises had to be performed in the order in which it was expressly fixed by the contract---Customer had failed to comply with the conditions precedent and therefore the question of the Bank allowing any concession to the customer under the Agreement did not arise--Bank, in circumstances, was within its rights not to allow the creation of the charge or to open the L/C---Bank could not unilaterally abide by the terms of the Agreement when the customer had committed repeated acts of default of the Agreement---Bank had already restructured the facility twice before and present was the third restructuring agreed in term of the Financial Settlement Agreement---Main principle for the award of damages was that the same should be proved with certainty which the customer had failed to do---Suit of the customer was dismissed in circumstances. Macgregor on Damages 14th Edn., paras.861 and 862; Law of Damages and Compensation by C. Rao 3rd Edition Page.676; Unreported dated 4-12-2000 in suit No.753 of 1995; Azeem. Food Industries Ltd. v. IDBP 1999 CLC 1915; S.L.I. Corp. Pak v. Bibojee Services Ltd. 1999 MLD 2750; Messrs Vinder Textile Mills Ltd. v. IDBP 1999 YLR 1188; Federation of Pakistan v. Messrs Al-Farooq Flour Mills Ltd. 2000 CLC 215; W.P. LDC v. Aziz Qureshi PLD 1973 SC 222;…

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