| Case ID |
0fc6ff0d-1a0f-478a-a276-e7d93c1aaa61 |
| Body |
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| Case Number |
Civil Miscellaneous Application No. 2450 of 2000 |
| Decision Date |
Mar 28, 2001 |
| Hearing Date |
|
| Decision |
The Sindh High Court granted permission to the applicant, Messrs The Bank of Khyber, to proceed with the suit pending before the Banking jurisdiction of Peshawar High Court. The court stipulated that in the event of a decree, execution would not be permitted without obtaining permission under Section 316 of the Companies Ordinance, 1984. The applicant was directed to supply copies of the application to the other parties involved. This decision underscores the importance of compliance with statutory requirements in banking litigation, ensuring that all parties are adequately informed and that proper legal procedures are followed. |
| Summary |
The case revolves around the application of Section 316 of the Companies Ordinance, 1984, where the Sindh High Court addressed the execution of decrees in banking suits. The court granted permission for the applicant, PAK LIBYA HOLDING CO. (PVT.) LIMITED, to proceed with the suit against DADABHOY LEASING COMPANY LIMITED, while emphasizing that execution of any decree would necessitate prior approval under the relevant section of the Companies Ordinance. This ruling highlights the procedural safeguards in place within the legal framework governing banking operations, ensuring that all actions taken are in accordance with established laws. The decision is pivotal for legal practitioners in the banking sector, as it delineates the boundaries of authority and procedural compliance necessary when engaging in litigation. The case serves as a vital reference point for understanding the intersection of banking law and corporate governance, particularly in the context of execution of decrees. Legal professionals are encouraged to familiarize themselves with the implications of this decision, as it may influence future banking litigation strategies and compliance measures. |
| Court |
Sindh High Court
|
| Entities Involved |
The Bank of Khyber
|
| Judges |
SHABBIR AHMED
|
| Lawyers |
Saleem Saalam Ansari,
Haji Bashir Ahmed Memon
|
| Petitioners |
PAK LIBYA HOLDING CO. (PVT.) LIMITED
|
| Respondents |
DADABHOY LEASING COMPANY LIMITED
|
| Citations |
2002 SLD 731,
2002 CLD 1429
|
| Other Citations |
Not available
|
| Laws Involved |
Companies Ordinance, 1984
|
| Sections |
316
|