Law:

Section:

(a) Civil Procedure Code (V of 1908)--- ----S. 12(2) & O.XXIII, R.3---Contract Act (IX of 1872), S.19--­Corporate and Industrial Restructuring Corporation Ordinance (L of 2000), Ss.2(L), 10, 20 & Sched.--- Constitution of Pakistan (1973), Art. 185(3)---Suits filed by petitioner for redemption of mortgaged property and that filed by respondent for recovery of loan amount were disposed of in terms of Memorandum of Understanding executed between the parties, whereby petitioner agreed to pay the loan amount in quarterly instalments subject to the condition that in event of default of any instalment, the entire principal amount and interest accrued thereon then remaining unpaid would become immediately payable by petitioner and respondent would be entitled to file execution application for recovery thereof---Petitioner, after paying four (4) instalments stopped further payments and filed applications under S.12(2), C.P.C. which were dismissed by Trial Court--­Appellate Court also dismissed the petitioner's appeals---Contention of petitioner was that Memorandum of Understanding was obtained through misrepresentation, coercion and fraud; disposal of such applications without inquiry was against law, though Trial Court had omitted penal interest, but respondent was still charging the same: and that respondent could refer a question of bona fide dispute relating to liability etc., of the obligor to Governor State Bank of Pakistan for verification and correct determination/calculation by Verification Committee---Validity---Petitioner had failed to substantiate the allegations of fraud, misrepresentation and coercion as no particulars thereof had been given in application under S.12(2), C.P.C.---Mere allegation not supported by any material would not invariably warrant inquiry or investigation in each case---Petitioners had agreed to pay interest/mark-up on rescheduled outstanding amount, as such they being the privy to rescheduling of loan could not turn around to say that interest/mark-up had been fraudulently charged---Parties with their free-will and consent had entered into compromise, whereupon signatures of the parties and their counsel had been verified by…

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