| Citation(s) |
|---|
| 2007 SLG 2884 2007 SLD 2884 2007 CLD 1356 |
Sindh High Court
Suits Nos.1445 of 1999, C.M.As. Nos. 7805, 7806 of 2002, 4494 of 2003, 147, 148 of 2004, 7956 of 2006 and B-2 of 2004, decision dated: 27-03-2007.
KHILJI ARIF HUSSAIN, J
Naveedul Haq for Plaintiff (In Shit No. 1445 of 1999 and for Defendant in Suit No. B-02 of 2004). Saalim Salam Ansari for Plaintiff (In Suit No. B-02 of 2004 and for Defendant in Suit No. 1445 of 1999).
Suits Nos.1445 of 1999, C.M.As. Nos. 7805, 7806 of 2002, 4494 of 2003, 147, 148 of 2004, 7956 of 2006 and B-2 of 2004, decision dated: 27-03-2007.
KHILJI ARIF HUSSAIN, J
Naveedul Haq for Plaintiff (In Shit No. 1445 of 1999 and for Defendant in Suit No. B-02 of 2004). Saalim Salam Ansari for Plaintiff (In Suit No. B-02 of 2004 and for Defendant in Suit No. 1445 of 1999).
NATIONAL BANK OF PAKISTAN--Plaintiff
VS
. Messrs A.I. BROTHERS (PRIVATE) LIMITED and others----Defendants
Law:
Section:
(a) State Bank of Pakistan B.P.D. Circular No. 29, dated 15-10-2002--------Cl.12---Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001), S.13---Suit for recovery of loan by Bank---Settlement of dispute under incentive scheme--Defendant had not paid 10% of the amount, as required under B.P.D. Circular No.29, had not accepted the forced sale value determined by the valuer and no agreement in terms of Cl. 12 of B.P.D. Circular No.29 was entered into between the parties---Bank had rightly refused to accept the request made by the defendant for settlement of claim under the incentive scheme. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-- ----S.10---Suit for recovery of loan by Bank---Leave to defend suit---Defendants had not denied the financial facilities granted to them by the Bank and/or received by them, the execution of documents had also not been denied by the defendants---Defendants, in circumstances, were not entitled to leave to defend the suit. Tanya Knitwear (Pvt.) Ltd. v. United Bank Limited and others 2005 CLD 114; National Bank of Pakistan v. Messrs Pakasaco Limited 2005 CLD 422; P.Q. Chemicals v. A.W. Brothers and others 2005 CLD 169; Captain P.Q. Chemical Industries (Pvt.) Ltd. v. Messrs. A. W. Brothers and others 2004 SCMR 1956; Muhammad Ayub Khan and others v. Muhammad Farooq Textile Mills Ltd. and others 2004 PLC 250; United Bank Limited v. Messrs Azmat Textile Mills Limited 2002 CLD 542; Hashwani Hotels Limited v. Federation of Pakistan and others PLD 1997 SC 315; Perma Constrict (Pvt.) Limited v. Habib Jute Mills Ltd. 2002 CLD 166 and Messrs Dadabhoy Cement Industries Ltd. and 6 others v. National Development Finance Corporation, Karachi PLD 2002 SC 500 ref. JUDGMENT KHILJI ARIF HUSSAIN, J.---Messrs United Bank Limited filed Suit No.1445 of 1999 against the defendants for the recovery of Rs.58,138,577 being outstanding dues, liquidated damages, in the sum of Rs.11,627,715 against defendants with mark up at the prevailing rate from the date of Suit till realization of the whole amount. On 19-1-2001 suit was decreed in the- sum of Rs.58,138,577 with future mark up at the rate of 16 percent. On the…
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