| Case ID |
2cb6df2d-d6bc-4674-b9ef-65c5db6d846f |
| Body |
View case body. Login to View |
| Case Number |
Civil Original Suit No. 107 of 2000 |
| Decision Date |
May 07, 2001 |
| Hearing Date |
May 07, 2001 |
| Decision |
The Lahore High Court ruled that the plaintiffs, Gharibwal Cement Ltd. and Topaz Holdings Ltd., cannot invoke the jurisdiction of the High Court under the Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997. The Court found that no finance had been provided to the plaintiffs as defined in the Act, because the necessary conditions for the obligation of the defendant to provide finance were not met. The plaintiffs were directed to file their suit before a competent court, as the High Court lacked jurisdiction in this matter. |
| Summary |
This case involves a dispute between Gharibwal Cement Ltd. and Topaz Holdings Ltd. (the plaintiffs) and English Leasing Ltd. and its Chief Executive Sh. Manzoor Elahi (the defendants) regarding a lease finance agreement. The plaintiffs sought damages and the return of security documents related to the lease finance they claimed had been provided by the defendants. However, the Lahore High Court found that the plaintiffs did not meet the definition of 'customer' under the Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997, as no actual finance had been disbursed. The Court emphasized that the issuance of an acceptance receipt was necessary to create the obligation for the defendants to provide finance, and since the plaintiffs opted not to issue this receipt, their claims were invalidated. Consequently, the plaintiffs were instructed to pursue their case in a competent court, emphasizing the importance of contractual commitments in determining jurisdiction and the provision of finance. This case highlights critical aspects of banking law, contractual obligations, and the jurisdiction of courts in financial disputes, making it significant for legal practitioners and entities involved in financial agreements. |
| Court |
Lahore High Court
|
| Entities Involved |
Gharibwal Cement Ltd.,
Topaz Holdings Ltd.,
English Leasing Ltd.,
Sh. Manzoor Elahi
|
| Judges |
JAWWAD S. KHAWAJA
|
| Lawyers |
Ahmar Bilal Soofi,
Haq Nawaz Chatha
|
| Petitioners |
GHARIBWAL CEMENT LTD.,
TOPAZ HOLDINGS LIMITED
|
| Respondents |
ENGLISH LEASING LTD.,
Sh. Manzoor Elahi
|
| Citations |
2001 SLD 2704,
2001 PLD 411
|
| Other Citations |
Not available
|
| Laws Involved |
Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997),
Civil Procedure Code (V of 1908)
|
| Sections |
2(e),
O.VII, R.10
|