Law:

Section:

Admiralty Jurisdiction of High Courts Ordinance (XLII of 1980) -- Ss.3 & 4 Sindh Chief Court Rules (O.S.), R. 731 Arrest of vessel Confirmation Monetary dispute between the parties Documents relied upon by the plaintiff were alleged by the defendant to be forged Effect Parties were litigating all over the world and each side was trying to gain advantage over the other Prima facie no case had been made out by plaintiff for confirmation of order of arrest of the disputed vessel Application was dismissed in circumstances. ORDER The plaintiffs have filed applications under section 731 of the Sindh Chief Court Rules (O.S.) in this and the connected Admiralty Suit viz. Suit No.61, against the, defendants (vessel) with the prayer to arrest the defendant's vessels presently available at Port Qasim, Karachi, until they furnish security in the sum of $US 48,28,820 and $ US 24,50,000 respectively in each Suit. 2. The brief facts of the case are that the plaintiffs are engaged in providing finances/loan to ship owning companies for the purchase, maintenance and improvement of vessels. At the request of the defendant No.2, the plaintiffs granted a loan to the said defendants, being the owners of the vessel, in the sums as mentioned in the suits for the purchase, repairing and improvement of the defendant's vessel. Loan agreements were executed between the plaintiffs and the defendant No.2, being the owner of the vessel. The plaintiff disbursed the agreed loan amount and the defendant No.2 availed the full amount of loan. In terms of Loan Agreement the repayment of loan was to be made by the owners of the defendant's vessel by quarterly instalments. 3. It was specifically agreed upon between the parties to the Loan Agreement that in case of default the plaintiffs shall have first charge on the defendant's vessel but despite repeated demands and requests of the plaintiffs for repayment of the outstanding amount of loan the owners of the defendant's vessels failed and neglected in repayment of the amount. The plaintiff's President also has share of 33% in the said vessel and as such extension of repayment was granted liberally. A dispute arose between the parties and the…

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