| Citation(s) |
|---|
| 2009 SLG 1856 2009 SLD 1856 2009 CLD 412 |
Lahore High Court
C.O.S. No.4 and P.L.A. No.17-B of 2005, decision dated: 19-03-2008.
SYED HAMID ALI SHAH, J
Shams Mehmood Mirza for Plaintiff. Syed Zafar Ali Shah for Defendants.
C.O.S. No.4 and P.L.A. No.17-B of 2005, decision dated: 19-03-2008.
SYED HAMID ALI SHAH, J
Shams Mehmood Mirza for Plaintiff. Syed Zafar Ali Shah for Defendants.
H.B.L.--Plaintiff
VS
. CRESCENT SOFTWEAR PRODUCTS (PVT.) LTD.--Defendant
Law:
Section:
(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------S.10(3)(4)(5)---Application for leave to defend suit---Non-¬complying with mandatory requirements of S.10(3)(4)(5) of Financial Institutions (Recovery of Finances) Ordinance, 2001---Effect---Such application would become liable to be dismissed under S.10(6) of the Ordinance. National Bank of Pakistan through Vice-President, Zonal Chief, Multan v. Effef Industries Limited and 11 others 2002 CLD 1431; Bolan Bank Limited through Attorneys v. Baig Textile Mills (Pvt.) Limited through Chief Executive and 6 others 2002 CLD 557; Siddique Woollen Mills and others v. Allied Bank of Pakistan 2003 CLD 1033; Bank of Khyber v. Messrs Spencer Distribution and 14 others 2003 CLD 1406; Zeeshan Energy Ltd. and 2 others v. Faisal Bank Ltd. 2004 CLD 1741; Allied Bank of Pakistan Ltd. through Iftikhar-ul-Haq and Khalid Ishaq v. Mohib Fabric Industries Ltd. through Chief Executive 2004 CLD 716 and Habib Bank Limited v. Messrs SABCOS (Pvt.) 21006 CLD 244 rel. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ---S.10---Civil Procedure Code (V of 1908), O.XXIX, R.1---Application for leave to defend suit---Non-filing of resolution of Board of Directors of defendant-company along with leave application---Effect---Lis on behalf of company without such resolution would have no sanctity---Leave application was dismissed in circumstances. Messrs National Electric Company of Pakistan v. Allied Bank of Pakistan Ltd. and 2 others 1996 CLC 192; Walton Tobacco Company (Pvt.) Ltd. and others v. Azad Government of the State of Jammu & Kashmir and others 1993 CLC 66 and Muhammad Umar Mirza v. Wads Iqbal and others 1990 SCMR 964 rel. (c) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss.9 & 10---Contract Act (IX of 1872), S.129---Suit for recovery of loan amount--Application for leave to defend suit---Non-denial of such availability of finance facility by principal debtor---Non-¬denial of execution of letter of personal guarantee by defendant---Plea of defendant-guarantor was that rescheduling of finance made after furnishing his guarantee had discharged…
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