| Case ID |
0c6047bc-2e20-4184-a764-a107202adf13 |
| Body |
View case body. Login to View |
| Case Number |
R.F.A. No. 447 and C.M. No.2 of 2005 |
| Decision Date |
Sep 11, 2006 |
| Hearing Date |
|
| Decision |
The Lahore High Court set aside the impugned judgment and decree of the Banking Court, granting the appellants leave to defend the suit subject to the deposit of admitted liability of Rs. 14,389,900 within 60 days. The case was remanded to the Banking Court for further proceedings. The court found that the Banking Court did not adequately address the appellants' contentions regarding the non-compliance with mandatory provisions of the Financial Institutions Ordinance and the objections concerning the amounts due and paid. This decision underscores the importance of adhering to procedural requirements in financial recovery cases. |
| Summary |
In the case of R.F.A. No. 447 and C.M. No.2 of 2005, the Lahore High Court evaluated a dispute between HEALTHCO SURGICAL SUPPLIES and STANDARD CHARTERED BANK regarding the recovery of a bank loan under the Financial Institutions (Recovery of Finances) Ordinance, 2001. The key legal issue revolved around the non-compliance with Section 9(3) of the Ordinance, which mandates specific requirements for the plaintiff in recovery suits. The appellants challenged the validity of the Banking Court's decision, arguing that their application for leave to defend was unjustly dismissed without addressing their objections. The court found that the Banking Court failed to consider significant arguments, including the legality of combining separate finances and the calculation of amounts owed. Ultimately, the Lahore High Court granted leave to defend the suit, emphasizing the necessity for proper adjudication of all relevant issues in financial recovery litigation. |
| Court |
Lahore High Court
|
| Entities Involved |
STANDARD CHARTERED BANK,
HEALTHCO SURGICAL SUPPLIES
|
| Judges |
SH. AZMAT SAEED,
UMAR ATA BANDIAL
|
| Lawyers |
Mian Muhammad Rafi-ud-Din,
Malik Rashid Ahmad Awan
|
| Petitioners |
,
HEALTHCO SURGICAL SUPPLIES
|
| Respondents |
STANDARD CHARTERED BANK (FORMERLY CHARTERED GRINDLAYS BANK, ANZ GRINDLAYS BANK)
|
| Citations |
2006 SLD 2973,
2006 CLD 1587
|
| Other Citations |
Not available
|
| Laws Involved |
Financial Institutions (Recovery of Finances) Ordinance, 2001
|
| Sections |
9(3)
|