| Case ID |
0af97973-ee2c-4953-8455-9c59b6fc903c |
| Body |
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| Case Number |
F.A.B. No.54 of 2001 |
| Decision Date |
Apr 03, 2003 |
| Hearing Date |
|
| Decision |
The appeal by Messrs AIMA Industries (Pvt.) Ltd. was dismissed as the Peshawar High Court found no substantial grounds to interfere with the Banking Court's decree for recovery. The appellant company admitted to availing financial facilities yet claimed mala fide intentions from the Bank, which were not substantiated. The court emphasized that the statements of accounts were verified and consistent with the Bank's records, and the objections raised by the appellants did not warrant a different conclusion. The court upheld the legality of the Banking Court's judgment and dismissed the appeal without costs. |
| Summary |
In the case of Messrs AIMA Industries (PVT.) LTD. vs. ALLIED BANK OF PAKISTAN LIMITED, the Peshawar High Court addressed the appeal against a Banking Court's decision concerning the recovery of loans under the Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997. The appellant, AIMA Industries, challenged the dismissal of their application to defend the suit regarding a substantial outstanding amount of Rs. 93,04,593. The court found that the appellant had used the financial services provided by the Bank and failed to substantiate claims of fictitious entries in the statement of accounts. The judges noted that the objections raised lacked evidence and that the Banking Court had properly verified the accounts and the loan agreements. The appeal was dismissed, affirming the Banking Court's authority to enforce the recovery of loans. This case highlights the importance of maintaining accurate banking records and the judicial system's support in enforcing financial agreements. |
| Court |
Peshawar High Court
|
| Entities Involved |
ALLIED BANK OF PAKISTAN LIMITED,
AIMA INDUSTRIES (PVT.) LTD.
|
| Judges |
NASIR UL MULK,
IJAZ UL HASSAN
|
| Lawyers |
Nisar Ahmad Khan,
Qaisar Rashid
|
| Petitioners |
Messrs AIMA INDUSTRIES (PVT.) LTD.,
Azizur Rehman
|
| Respondents |
ALLIED BANK OF PAKISTAN LIMITED
|
| Citations |
2003 SLD 3096,
2003 CLD 1770
|
| Other Citations |
Not available
|
| Laws Involved |
Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997)
|
| Sections |
7,
9,
10,
21
|