| Case ID |
1fef57bc-747e-412d-a9a5-da628fca0ce6 |
| Body |
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| Case Number |
B-127 of 2009 |
| Decision Date |
Apr 28, 2011 |
| Hearing Date |
|
| Decision |
The court dismissed the application for leave to defend, stating that the defendant did not provide substantial grounds for the claim. The defendant admitted to taking the loan but relied solely on a pending suit against the plaintiff without presenting evidence to substantiate their claim. The court emphasized that the mere filing of a suit for accounts does not constitute a valid ground for leave to defend. The plaintiff's claims regarding the outstanding loan amount were deemed credible, as the defendant failed to adequately dispute them. The court directed both parties to provide detailed account statements and adjourned the case. |
| Summary |
In the case of NIB Bank Ltd. vs. Shadman Electronic Industry (PVT.) Ltd., the Sindh High Court addressed issues related to the recovery of bank loans under the Financial Institutions (Recovery of Finances) Ordinance, 2001. The plaintiff, NIB Bank, sought recovery of a significant amount due to defaults in repayment by the defendant, Shadman Electronic Industry. The court evaluated the defendant's application for leave to defend, which was primarily based on a pending suit against the bank. However, the court determined that the defendant failed to provide substantial evidence or legal grounds to justify their request for leave. The decision reinforces the principle that defendants must present concrete evidence to support their claims, particularly in financial disputes involving bank loans. The court also mandated both parties to submit detailed account statements to clarify the financial transactions and obligations between them. This ruling highlights the importance of compliance with legal procedures in financial recovery cases and the necessity for defendants to substantiate their defenses effectively. |
| Court |
Sindh High Court
|
| Entities Involved |
NIB Bank Ltd.,
Shadman Electronic Industry (PVT.) Ltd.
|
| Judges |
Salman Hamid
|
| Lawyers |
Ms. Sofia Saeed Shah,
Moin Azhar Siddiqi
|
| Petitioners |
NIB Bank Ltd.
|
| Respondents |
,
Shadman Electronic Industry (PVT.) Ltd.
|
| Citations |
2012 SLD 2192,
2012 CLD 212
|
| Other Citations |
Not available
|
| Laws Involved |
Financial Institutions (Recovery of Finances) Ordinance, 2001
|
| Sections |
10
|