| Case ID |
03fc526e-49ff-45a2-ba12-b9029b6efd2a |
| Body |
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| Case Number |
Suit No.B-4 of 2010 |
| Decision Date |
Nov 15, 2012 |
| Hearing Date |
|
| Decision |
The court ruled in favor of the plaintiff, ASKARI BANK LIMITED, allowing a decree for the principal amount of Rs. 161,470,000.00 along with additional markup calculated based on the difference between the sale and purchase prices in the financing agreements. The total amount payable by the defendants, including markup, was determined to be Rs. 191,690,000.00. The court emphasized that the dismissal of the defendants' application for leave to defend did not automatically grant the plaintiff's entire claim without examination. The court mandated a thorough review of the claims and decreed that the plaintiff is entitled to recover the amounts that are legally permissible, and the sale of mortgaged properties was also ordered. |
| Summary |
In the case of Suit No.B-4 of 2010, the Sindh High Court presided over a financial dispute involving ASKARI BANK LIMITED and Messrs SHAHI TEXTILES along with other defendants. The plaintiff sought recovery of Rs. 217,890,000.00 under the Financial Institutions (Recovery of Finances) Ordinance, 2001. The court examined the claims presented by the plaintiff, which included various finance agreements and guarantees executed by the defendants. The defendants admitted to the principal amount but contested the additional charges. Ultimately, the court found in favor of the plaintiff, allowing for a decree that included the principal amount plus interest calculated based on the agreed terms. The court's decision highlighted the necessity of examining the claims even after the dismissal of the defendants' application for leave to defend, ensuring that the decree was just and aligned with legal standards. The ruling emphasized the importance of adhering to the agreed terms in financial agreements, particularly concerning markup and additional charges, ensuring that the financial institution's claims were substantiated and reasonable. This case serves as a critical reference point for financial recovery disputes under similar ordinances. |
| Court |
Sindh High Court
|
| Entities Involved |
ASKARI BANK LIMITED,
Messrs SHAHI TEXTILES
|
| Judges |
NADEEM AKHTAR, J
|
| Lawyers |
Waleed Khanzada,
Asghar Khan Bangash
|
| Petitioners |
ASKARI BANK LIMITED
|
| Respondents |
Messrs SHAHI TEXTILES,
Defendant 2,
Defendant 3,
Defendant 4
|
| Citations |
2013 SLD 2104,
2013 CLD 672
|
| Other Citations |
2012 CLD 337,
2012 CLD 1556,
2003 CLD 119,
2004 CLD 1555,
2006 CLD 244
|
| Laws Involved |
Financial Institutions (Recovery of Finances) Ordinance, 2001
|
| Sections |
5,
10
|