| Case ID |
324e3fd3-c3e3-4fe1-bd2c-aa9d552ce24c |
| Body |
View case body. Login to View |
| Case Number |
C.O.S. No.11 of 2011 |
| Decision Date |
May 23, 2012 |
| Hearing Date |
Apr 20, 2012 |
| Decision |
The application for leave to defend the suit was dismissed, thereby allowing the plaintiff's suit to be decreed in favor of Summit Bank Ltd. The court found that the plaintiff had validly filed the suit and the defendant had failed to discharge his obligations under the finance agreement. The defendant's claims regarding the suit's improper institution, excess markup, and other defenses were not substantiated to the extent that warranted a trial. The court ordered the defendant to pay the outstanding amount of Rs.76,581,682.60 along with costs of funds, allowing the decree to be executed through the sale of mortgaged properties if necessary. |
| Summary |
The case involves a financial dispute between Summit Bank Ltd. and the defendant, Farhad, regarding a working capital finance facility. The plaintiff bank sought recovery of an outstanding amount of Rs.76,581,682.60, citing the defendant's failure to adhere to the repayment schedule outlined in the finance agreement. The defendant contended that he had been making payments and that the bank had improperly increased the markup rate. However, the court found that the bank had followed proper legal procedures in filing the suit and that the defendant had not presented sufficient evidence to support his claims. The judgment reinforces the importance of adhering to contractual obligations in financial agreements. Keywords related to financial recovery, banking litigation, and legal compliance are relevant for SEO optimization. |
| Court |
Islamabad High Court
|
| Entities Involved |
State Bank of Pakistan,
SUMMIT BANK LTD.,
Atlas Bank Limited
|
| Judges |
NOOR-UL-HAQ N. QURESHI, J
|
| Lawyers |
Raja Muqsit Nawaz,
Rai Azhar Iqbal Kharal
|
| Petitioners |
SUMMIT BANK LTD. through Authorized Officer/Attorneys
|
| Respondents |
FARHAD
|
| Citations |
2012 SLD 2263,
2012 CLD 1675
|
| Other Citations |
2011 CLD 393,
2012 CLD 189,
2003 SCMR 1156
|
| Laws Involved |
Financial Institutions (Recovery of Finances) Ordinance, 2001
|
| Sections |
10
|