| Case ID |
0f9eb30c-ce56-43cd-98da-b36516c83f19 |
| Body |
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| Case Number |
R.F.AS. Nos.92, 93, 351 and 398 of 2003 |
| Decision Date |
Jun 09, 2004 |
| Hearing Date |
Jun 09, 2004 |
| Decision |
The Lahore High Court disposed of the appeals R.F.A. No.92 of 2003, R.F.A. No.93 of 2003, R.F.A. No.351 of 2003, and R.F.A. No.398 of 2003 collectively. The High Court, after hearing arguments from both parties, ordered an interim decree in favor of the financial institution for an amount of Rs.51,18,650. The court remanded the case back to the Banking Court to resolve three specific factual issues regarding the claims of the appellants. The decision emphasized the need for evidence to establish the entitlement of the financial institution based on the claims made by the parties involved. The appeal filed by Mst. Maqsooda Ijaz was also addressed, leading to the conclusion that there was no further issue between the parties in that appeal. The judgment highlighted the procedural aspects of financial recovery and the importance of factual determinations in such cases. |
| Summary |
In the case of R.F.A.S. Nos.92, 93, 351, and 398 of 2003, the Lahore High Court addressed multiple appeals arising from a financial dispute involving Atlas Investment Bank Limited and Messrs Plastic Bags Packing (Pvt.) Limited. The court provided an interim decree to the financial institution while remanding the case for further factual determination. The judgment emphasized the significance of evidence in establishing claims related to financial recovery and the procedural adherence of the Banking Court. This case serves as a precedent in financial institution recovery processes under the Financial Institutions (Recovery of Finances) Ordinance and the Civil Procedure Code, ensuring due process in financial litigations. Key terms include financial recovery, interim decree, and procedural compliance, which are essential for understanding the nuances of financial law in Pakistan. |
| Court |
Lahore High Court
|
| Entities Involved |
ATLAS INVESTMENT BANK LIMITED,
Messrs PLASTIC BAGS PACKING (PVT.) LIMITED
|
| Judges |
MIAN SAQIB NISAR,
CH. IFTIKHAR HUSSAIN
|
| Lawyers |
Azmat Saeed,
Nasar Ahmad,
Shahid Ikram Siddiqui
|
| Petitioners |
ATLAS INVESTMENT BANK LIMITED
|
| Respondents |
3 others,
Messrs PLASTIC BAGS PACKING (PVT.) LIMITED
|
| Citations |
2005 SLD 1658,
2005 CLD 1123
|
| Other Citations |
Not available
|
| Laws Involved |
Financial Institutions (Recovery of Finances) Ordinance (LXVI of 2001),
Civil Procedure Code (V of 1908)
|
| Sections |
9,
10,
11,
O.XLI, R.23
|