| Case ID |
2b462186-21b4-4b32-8511-9e15a5459801 |
| Body |
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| Case Number |
B-21 of 2024 |
| Decision Date |
Aug 09, 2024 |
| Hearing Date |
|
| Decision |
The case revolves around the financial disputes between the petitioners and the Bank of Punjab Ltd. under the Financial Institutions (Recovery of Finances) Ordinance, 2001. The court evaluated the arguments presented by both sides and examined the relevant sections of the law. The judges emphasized the importance of adhering to financial regulations and ensuring that the rights of the petitioners are upheld while also considering the legal obligations of the Bank. A detailed analysis of the evidence was undertaken, leading to a decision that seeks to balance the interests of both parties in line with the law. The court's ruling aims to clarify the application of the Ordinance in similar future cases, thereby setting a precedent for financial recovery matters. |
| Summary |
In the case of Zahida Ashraf & others versus the Bank of Punjab Ltd., presented before the Sindh High Court, the focus was on the application of the Financial Institutions (Recovery of Finances) Ordinance, 2001. The case highlights the complexities involved in financial disputes, particularly in the context of recovery processes initiated by banks. Throughout the proceedings, the court examined the legal framework established under the Ordinance, specifically section 19(3), which pertains to the recovery of finances. The judges scrutinized the roles and responsibilities of both the petitioners and the defendant, ensuring that the principles of justice and fairness were upheld. The decision made by the Sindh High Court is expected to serve as a guiding reference for future cases involving financial institutions, emphasizing the need for compliance with established financial laws. This case is significant as it sheds light on the legal recourse available to individuals and entities in financial distress and the mechanisms through which they can seek relief. The ruling reinforces the importance of legal representation in financial disputes and the necessity for banks to operate within the legal parameters set by governing laws. |
| Court |
Sindh High Court
|
| Entities Involved |
Bank of Punjab Ltd.
|
| Judges |
Adnan Iqbal Chaudhry
|
| Lawyers |
Asim Mansoor Khan,
Zeeshan Bashir Khan,
Waqar Ahmed,
Behzad Haider
|
| Petitioners |
others,
Zahida Ashraf
|
| Respondents |
the Bank of Punjab Ltd.
|
| Citations |
2024 SLD 3639
|
| Other Citations |
Not available
|
| Laws Involved |
Financial Institutions (Recovery of Finances) Ordinance, 2001
|
| Sections |
19(3)
|