| Case ID |
0514c233-6834-4315-9d5e-a4f4adb5873a |
| Body |
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| Case Number |
C.M. No.666 B of 2001 in C.O.S. No.28 of 2000 |
| Decision Date |
Jul 04, 2002 |
| Hearing Date |
|
| Decision |
The Lahore High Court dismissed the objections filed by the judgment debtors against the execution of the compromise decree in favor of the decree holder, Habib Bank Limited. The court found that the bank had fulfilled its obligations under the rescheduled finance agreements, and the judgment debtors were liable for the non-payment of installments as specified. The court ruled that the objectors' claims regarding the bank's failure to perform reciprocal promises were without merit, emphasizing that the rescheduling and restructuring of financial facilities were valid and enforceable. The court affirmed the execution of the decree and allowed the bank to proceed with the sale of mortgaged properties to recover outstanding dues. |
| Summary |
This case involves the execution of a compromise decree between Habib Bank Limited and Service Fabrics Limited, where the bank sought to recover a substantial amount due under various financial facilities. The court examined the obligations defined in the Financial Institutions (Recovery of Finances) Ordinance, 2001, particularly regarding the rescheduling and restructuring of financial agreements. It was determined that the judgment debtors had defaulted on their payment obligations, and the bank had appropriately fulfilled its contractual duties. The decision underscores the legal framework surrounding financial recovery, emphasizing the enforceability of compromise decrees in financial disputes. Keywords such as 'financial recovery,' 'compromise decree,' 'banking obligations,' and 'legal execution' are relevant in the context of this case, reflecting trending topics in financial law and legal practices. |
| Court |
Lahore High Court
|
| Entities Involved |
Habib Bank Limited,
Service Fabrics Limited
|
| Judges |
MUHAMMAD SAIR ALI, J
|
| Lawyers |
Azamat Saeed,
Shams Mahmood Mirza
|
| Petitioners |
Habib Bank Limited
|
| Respondents |
others,
Service Fabrics Limited
|
| Citations |
2004 SLD 2118,
2004 CLD 1117
|
| Other Citations |
Not available
|
| Laws Involved |
Financial Institutions (Recovery of Finances) Ordinance, 2001
|
| Sections |
19,
2(e),
3,
9
|