Law:

Section:

Modaraba Companies and Modarabas (Floatation and Control) Ordinance (XXXI of 1980)---S.25---Civil Procedure Code (V of 1908), O.XXXVII, R.2--­Musharka agreement, stipulations in ---Mark-up---Modaraba Tribunal decreed the suit for less than the amount claimed--­Agreement -was initially for a period of one month, but as per terms of agreement the same remained alive on quarterly basis until the time it was rescinded or annulled and for such extended period, addition to the repurchase sale price was agreed--­Defendants, after adjusting the Musharaka, had correctly claimed the amount which was decreed by the Tribunal and was not found entitled to the charge of mark-up---Decree of the Modaraba Tribunal was modified to said extent in circumstances. JUDGMENT MIAN SAQIB NISAR, J.-On 16-3-2001, respondents brought a suit against the appellant before the Modaraba Tribunal, for the recovery of Rs.39,20,500. In suit, the appellant moved an application for leave to appear and defend which application has been rejected, however, the suit has been decreed vide judgment and decree dated 21-6-200, not to the tune of the amount claimed, rather for Rs.3,18,3,750 2. Learned counsel for the appellant contends that the Musharaka agreement dated 5-3-1998 is an admitted document/ contract, between the parties and according to the same, the sale price of the commodity sold thereunder is Rs.98,00.000 and the re-purchase price, which the appellant was obliged to pay to the respondent/Modaraba was Rs.99,93,315; the Musharaka agreement was for a period of one month, expiring on 5-4-1998. Moreover, the appellant entered into another separate agreement in which the appellant admittedly had deposited an amount of Rs.85,00.000 and it was agreed between parties that this amount shall remain under lien till the amount received under the earlier Musharaka agreement, was returned by the appellant. Subsequently, the respondent/plaintiff brought the aforesaid suit arid in paragraph No.6 of the plaint, it admitted the execution of the agreement; the amount of finance; period of finance and the amount payable thereunder. However, in paragraph No.10, of the plaint, the respondent has unauthorizedly…

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