| Case ID |
25851d3d-afa1-4238-b0e1-aa5da25fa8f5 |
| Body |
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| Case Number |
E.F.A. No.28 of 2005 |
| Decision Date |
Mar 01, 2005 |
| Hearing Date |
|
| Decision |
The appeal was dismissed as the appellants failed to prove that they had liquidated the entire liability under the incentive schemes. The Banking Court's dismissal of the execution petition was upheld. The court found that the appellants had previously filed a similar application which was dismissed, and the appellants did not adhere to the stipulations of the second incentive scheme. Therefore, the impugned judgment was maintained. |
| Summary |
In the case E.F.A. No.28 of 2005, the Lahore High Court addressed the execution of a decree under the Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act. The appellants, RAVI INTERNATIONAL TRADERS, contended that they had fully paid their dues under two incentive schemes. However, the court found that they failed to comply with the requirements of these schemes, leading to the dismissal of their appeal. This case highlights the importance of adhering to financial agreements and the legal ramifications of failing to meet stipulated conditions. The ruling emphasizes the finality of previous court decisions when no appeal is filed against them, and the necessity for clear evidence in financial disputes. The case distinguishes itself from previous rulings, reinforcing the need for strict compliance with incentive scheme terms in banking law contexts. |
| Court |
Lahore High Court
|
| Entities Involved |
ALLIED BANK OF PAKISTAN LIMITED,
RAVI INTERNATIONAL TRADERS
|
| Judges |
MIAN HAMID FAROOQ,
SYED HAMID ALI SHAH
|
| Lawyers |
Malik Imran Nazir for Appellant,
Muhammad Jamil Awan for Respondent
|
| Petitioners |
Messrs RAVI INTERNATIONAL TRADERS through Sole Proprietor and another
|
| Respondents |
ALLIED BANK OF PAKISTAN LIMITED through Manager/Attorney
|
| Citations |
2005 SLD 1684,
2005 CLD 1394
|
| Other Citations |
Agricultural Development Bank of Pakistan through Manager v. Mst. Amiran Bibi and 3 others 2004 CLD 958,
United Bank Limited v. Messrs Ilam Din & Company and 13 others 2004 CLD 992
|
| Laws Involved |
Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act
|
| Sections |
18
|