Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------S. 9---Plaintiff had obtained certain buses on lease from leasing company under an agreement---Suit for recovery of amount by leasing company---Plaintiff, the lessee, had prayed for confirmation of ad interim order restraining the leasing company from snatching/forcibly taking away the buses plying on route till disposal of suit for recovery---Contentions of the plaintiff were that in case the leasing company succeeded in taking away/snatching the buses in question from the plaintiff, the plaintiff will not be in a position to pay the lease rentals in respect thereof to the leasing company and that City District Government under a separate agreement was liable to pay an amount equal to six per cent of the mark-up on the lease rentals to the plaintiff which it had failed to pay and therefore, the plaintiff was unable to pay the lease rentals regularly to the leasing company---Validity---Plea by leasing company that said company had no concern with- the agreement between City District Government and the lessee was correct, however, if at the present stage the protection provided to the plaintiff by way of interim order was recalled, the plaintiff shall be seriously prejudiced and shall suffer irreparable loss and injury as the leasing company will take over the buses and will auction the same which will not only cause financial losses to the plaintiff but at the same time the leasing company may also not be in a position to recover its dues---High Court, in the interest of both the parities, observed that plaintiff shall continue to ply buses on the route---If leave to defend was granted to the leasing company without protecting the plaintiff, their cause will be frustrated which will not be in interest of anyone---High Court, in circumstances, confirmed the ad interim injunction order, subject to deposit of monthly instalments minus the mark-up of 6% to be paid by the City District Government and laid down the terms of payment---If however, the plaintiff failed to deposit any of the above amounts within the, stipulated time, the stay order shall stand vacated without any further…

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