| Case ID |
1ac048c7-a163-42fd-8225-121223b8bf1e |
| Body |
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| Case Number |
Regular First Appeal No.325 of 2001 |
| Decision Date |
Jan 30, 2002 |
| Hearing Date |
|
| Decision |
The appeal was dismissed as the objections regarding the statement of account were not substantiated by the appellants. The court noted that the appellants failed to present their own account statements to counter the bank's claims. The assertions made were vague and lacked documentary proof. Furthermore, the Banking Court had already disallowed the markup for 210 days to prevent double charging. Hence, the judgment and decree were upheld, leading to the dismissal of the appeal. |
| Summary |
In the case of Regular First Appeal No.325 of 2001, the Lahore High Court dealt with an appeal concerning the recovery of loans under the Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act. The appellants, BABA FAREED GHEE INDUSTRIES, contested the correctness of the statement of accounts provided by the NATIONAL BANK OF PAKISTAN. The court found the objections raised by the appellants to be unsubstantiated and noted that they failed to present adequate evidence to support their claims. The judges emphasized the importance of maintaining accurate financial records as mandated by law, particularly for limited companies. Ultimately, the court dismissed the appeal, reinforcing the necessity for clear and substantiated objections in legal proceedings, especially in banking disputes. This case highlights key legal principles related to loan recovery and the importance of documentary evidence in financial disputes. |
| Court |
Lahore High Court
|
| Entities Involved |
NATIONAL BANK OF PAKISTAN,
BABA FAREED GHEE INDUSTRIES (PVT.) LIMITED
|
| Judges |
JAWWAD S. KHAWAJA,
ABDUL SHAKOOR PARACHA
|
| Lawyers |
Haq Nawaz Chatha,
S. Khalil Mehmood
|
| Petitioners |
BABA FAREED GHEE INDUSTRIES (PVT.) LIMITED through Chief Executive
|
| Respondents |
NATIONAL BANK OF PAKISTAN
|
| Citations |
2002 SLD 2173,
2002 CLD 669
|
| Other Citations |
Not available
|
| Laws Involved |
Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997),
Companies Ordinance (XLVII of 1984)
|
| Sections |
10,
15,
21,
230
|