| Case ID |
0f4ea27b-fb2f-401b-948f-98ba96413a8d |
| Body |
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| Case Number |
C.O.S. No. 58 of 2010 |
| Decision Date |
Jun 11, 2015 |
| Hearing Date |
Jun 11, 2015 |
| Decision |
The Lahore High Court decreed the suit filed by Saudi Pak Industrial and Agricultural Investment Company Limited against B. A. Rajpoot Steel and Rerolling Mills (PVT.) Limited and others for recovery of Rs. 57,22,060/- with costs. The court ruled that the defendants failed to challenge the validity of the statement of accounts or the principal amount due under the finance facility. The court emphasized that since the defendants did not deny availing the finance facilities and the absence of a substantial question of fact, the objection regarding the form of the statement of account was insufficient to warrant inquiry. The court dismissed the petition for leave to appear and defend the suit, affirming the plaintiff's claim based on the admissions made by the defendants. |
| Summary |
The case revolves around the recovery of finances under the Financial Institutions (Recovery of Finances) Ordinance, 2001. The plaintiff, Saudi Pak Industrial and Agricultural Investment Company Limited, sought to recover approximately Rs. 65 million from the defendants following defaults on long-term and short-term finance agreements. The court ruled in favor of the plaintiff, emphasizing the importance of clear pleadings and the necessity for defendants to specifically challenge the claims made against them. The judgment highlighted the standards for certifying statements of account and the legal implications of failing to adequately respond to the plaintiff's allegations. This case underscores the critical nature of compliance with financial laws and the procedural requirements in legal disputes concerning financial recovery. The decision reinforces the principle that unchallenged claims, especially regarding financial obligations, are deemed admitted, thus streamlining the judicial process for financial institutions. The keywords relevant to this case include 'financial recovery', 'legal compliance', 'financial institutions ordinance', and 'court judgment', which are trending in legal discourse and essential for SEO optimization. |
| Court |
Lahore High Court
|
| Entities Involved |
SAUDI PAK INDUSTRIAL AND AGRICULTURAL INVESTMENT COMPANY LIMITED,
B. A. RAJPOOT STEEL AND REROLLING MILLS (PVT.) LIMITED
|
| Judges |
SHAMS MEHMOOD MIRZA, J
|
| Lawyers |
M. Raza Qureshi,
Syed Waqar Hussain Naqvi
|
| Petitioners |
SAUDI PAK INDUSTRIAL AND AGRICULTURAL INVESTMENT COMPANY LIMITED
|
| Respondents |
B. A. RAJPOOT STEEL AND REROLLING MILLS (PVT.) LIMITED,
Defendant No. 7: M. Akram Pasha
|
| Citations |
2016 SLD 647,
2016 CLD 465,
2016 PLJ 142
|
| Other Citations |
NIB Bank Limited v. Highnoon Textile Limited 2014 CLD 763,
Thorp v. Holdsworth 1876 3 Ch.D. 637,
Prabodh Chandra Mitra v. Road Oils (India) Limited AIR 1930 Cal. 782,
Badat & Co. v. East India Trading Co. 1964 AIR 1964 SC 538,
Asha Kapoor v. Hari Om Sharda (2010) 171 DLT 743
|
| Laws Involved |
Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)
|
| Sections |
9
|