Law:

Section:

(a) Modaraba Companies and Modaraba (Floatation and Control) Ordinance (XXXI of 1980)--S. 2(a)---Limitation Act (IX of 1908), S.19 & Art.5---Suit for recovery of money provided from Modaraba fund to defendant company---Limitation--- Contention of defendant was that suit was barred by time for having been filed after expiry of one year from the date when such amount had become recoverable---Validity---Chief Executive of defendant company had acknowledged liability---Suit having been filed within extended period was within period of limitation. Fine Textile Mills Ltd. Karachi v. Haji Umar PLD 1963 SC 163 ref. (b) Modaraba Companies and Modaraba (Floatation and Control) Ordinance (XXXI of 1980)--- ----Ss. 2(a)(b) & 26(2)---Civil Procedure Code (V of 1908), O.XXXVII---Suit for recovery of money provided from Modaraba fund by Modaraba Company for doing business to defendant with his skill---Such suit would be exclusively triable by Tribunal established under Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980---Such suit was not a suit directly under O.XXXVII, C.P.C., in ordinary Court---Tribunal was required to follow merely procedure of summary trial as provided under O.XXXVII, C.P.C. JUDGMENT MUNIR A. SHEIKH, J.------This petition is directed against the judgment dated 23-1-2003 of the Lahore High Court, Lahore, whereby appeal filed by the petitioners against the judgment and decree of the Modaraba Tribunal, has been dismissed. 2. The respondents filed suit for the recovery of an amount of Rs.70,600,240 in respect of the following finance facilities:-- (a) 8 Modaraba agreements. (b) Lease finance agreement. 3. An application was made by the petitioners, for grant of leave to appear and defend the suit in which with general allegations that documents on the basis of which the suit had been filed were forged, bogus and fictitious, it was admitted that 8 Modarba agreements, were executed. As regards lease finance agreement, though it was averred that the same had' not been acted upon but later on, in the same application, it was admitted that an amount of Rs.2,76,75,008 was disbursed to the petitioners in pursuance thereof, out of which,…

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