| Case ID |
41b9c8a9-63ef-4662-9f7d-7ff6ea9d5762 |
| Body |
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| Case Number |
C.O.S. No. 2 of 2016 |
| Decision Date |
Nov 21, 2019 |
| Hearing Date |
Nov 21, 2019 |
| Decision |
The Lahore High Court ruled in favor of the plaintiff, ASKARI BANK LIMITED, in the suit under Section 9 of the Financial Institutions (Recovery of Finances) Ordinance, 2001. The court decreed the suit against Defendants No. 1 to 8 jointly and severally for an amount of Rs. 23,00,87,702.63 along with costs and cost of fund as per the Ordinance. The court found that the defendants failed to fulfill their financial obligations regarding the repayment of finance facilities. The statements of account were deemed admissible as electronic documents, negating the defendants' claims regarding their certification and signatures. The ruling emphasized that the plaintiff bank could only claim markup until the expiry of the contract period, which was until 31.08.2015, thus disallowing any claims for excess markup beyond this date. |
| Summary |
The case revolves around ASKARI BANK LIMITED's suit against M/S. FATIMA ENTERPRISES LIMITED and others for the recovery of a significant amount due to non-repayment of financial facilities availed by the defendants. The court addressed the admissibility of electronic statements of account as evidence and clarified the legal obligations of the defendants under the Financial Institutions (Recovery of Finances) Ordinance, 2001. The ruling highlights essential aspects of financial recovery laws, electronic documentation in banking, and the enforcement of financial obligations, making it a significant case for financial institutions and legal practitioners in Pakistan. The decision reinforces the importance of compliance with contractual terms and the legal ramifications of failing to fulfill financial commitments. |
| Court |
Lahore High Court
|
| Entities Involved |
ASKARI BANK LIMITED,
M/S. FATIMA ENTERPRISES LIMITED,
Defendants No. 1 to 8
|
| Judges |
ABID AZIZ SHEIKH, JUSTICE
|
| Lawyers |
Mr. Muhammad Sohail Iqbal Bhatti,
Mr. Furqan Naveed,
Mian Khurram Hashmi
|
| Petitioners |
ASKARI BANK LIMITED
|
| Respondents |
M/S. FATIMA ENTERPRISES LIMITED AND OTHERS
|
| Citations |
2021 SLD 2048,
2021 PLJ 442
|
| Other Citations |
2018 CLD 1476,
2017 CLD 552,
2016 CLD 29
|
| Laws Involved |
Financial Institutions (Recovery of Finances) Ordinance, 2001
|
| Sections |
9
|