| Citation(s) |
|---|
| 2008 SLG 2176 2008 SLD 2176 2008 CLD 552 |
Sindh High Court
First Appeal No.53 and C.M.A. No.1980 of 2007, decision dated: 4-10-2007.
ANWAR ZAHEER, JAMALI AND ARSHAD SIRAJ, JJ
Jam Asif Mehmood Lar for Appellant.
First Appeal No.53 and C.M.A. No.1980 of 2007, decision dated: 4-10-2007.
ANWAR ZAHEER, JAMALI AND ARSHAD SIRAJ, JJ
Jam Asif Mehmood Lar for Appellant.
FIRST WOMEN BANK LTD.--Appellant
VS
. Mrs. AFIFA IFTIKHAR and 2 others Messrs Huffaz Seamless Pipe Industries Ltd. and 2 others v. Messrs Security Leasing Corporation Ltd. 2002 CLD 550 fol.
Law:
Section:
Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997)-------S.9-Contract Act (IX of 1872), Ss.126 & 128---Recovery of Bank loan---Liability of guarantor---Scope---Held, even where contract had become unenforceable against the principal borrower yet the guarantor would be liable for surety executed by him. ORDER Exemption is allowed, but subject to all just exceptions. 2. Learned counsel submits that his suit was dismissed by the learned Banking Court as according to the learned Banking Court the suit was hopelessly time barred as the transaction had taken place between 28-3-1995 and 28-5-2002 and a period of three years is provided to file a suit but the same was filed on 1-3-2007 which, according to the learned Judge, was hopelessly time barred. The learned counsel submits that he concedes that the suit was time barred against the principal borrower, who has been made respondent No.1 but the suit was not time barred against guarantors who are respondents Nos.2 and 3 in the appeal as…
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