| Case ID |
136f4a53-b3ef-4812-bd0f-1737cce16b83 |
| Body |
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| Case Number |
Regular First Appeals Nos. 255 to 257 of 1999 |
| Decision Date |
May 29, 2003 |
| Hearing Date |
|
| Decision |
The Lahore High Court dismissed all three appeals filed by Messrs P&B Carpets (PVT.) LIMITED and others against the Bank Alflah Limited. The court found that the financial facilities were duly advanced to the appellants, who had executed relevant documents and created mortgages, which they did not dispute. The appellants' contention that the bank failed to realize proceeds of export bills was not raised during the initial proceedings and thus could not be considered on appeal. The court confirmed the decrees of the Banking Court for the recovery of loans, concluding that the appellants had not established any valid grounds for their appeals. |
| Summary |
In the case of Regular First Appeals Nos. 255 to 257 of 1999, the Lahore High Court addressed the appeals from Messrs P&B Carpets (PVT.) LIMITED and others against the judgments of the Banking Court regarding the recovery of loans. The appellants contended that the financial facilities provided by the Bank were not recoverable due to the bank's failure to realize the proceeds of export bills. However, the court found that the appellants had not raised this argument in the lower court and thus could not introduce it at the appellate stage. The court reaffirmed the findings of the Banking Court, which had ruled in favor of the Bank based on the evidence provided, including executed promissory notes and mortgages. The decision emphasized the importance of raising all relevant arguments in the initial proceedings and upheld the principle that new grounds cannot be introduced at the appellate level. This case highlights the rigorous adherence to procedural rules in banking and loan recovery cases. |
| Court |
Lahore High Court
|
| Entities Involved |
Messrs P&B Carpets (PVT.) LIMITED,
THE BANK ALFLAH LIMITED,
Habib Credit and Exchange Bank Ltd.,
B.C.C.I.
|
| Judges |
MUHAMMAD SAYEED AKHTAR,
MIAN HAMID FAROOQ
|
| Lawyers |
Talib H. Rizvi,
Ashtar Ausaf Ali
|
| Petitioners |
Messrs P&B Carpets (PVT.) LIMITED and others
|
| Respondents |
THE BANK ALFLAH LIMITED
|
| Citations |
2004 SLD 2116,
2004 CLD 1077
|
| Other Citations |
Not available
|
| Laws Involved |
Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997)
|
| Sections |
9,
10,
21
|