| Case ID |
43a306c5-ef6d-49bd-a82a-53fe368b0640 |
| Body |
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| Case Number |
Regular First Appeal No.711 of 2001 |
| Decision Date |
Oct 07, 2002 |
| Hearing Date |
Oct 07, 2002 |
| Decision |
The Lahore High Court modified the judgment passed by the Banking Court, reducing the recovery amount from Rs.17,24,245 to Rs.6,38,521. The court found that the respondent-Company did not provide sufficient evidence to prove actual losses due to the non-payment of rentals. The court emphasized that in cases of breach of contract where liquidated damages are claimed, the plaintiff must substantiate the actual loss incurred, even if a fixed amount is specified in the contract. The court allowed the appellants three months to pay the decreed amount, failing which recovery would proceed through execution. |
| Summary |
In the case of Regular First Appeal No.711 of 2001, the Lahore High Court addressed the appeal concerning the recovery of loans under the Banking Companies Act. The court scrutinized the claims of liquidated damages and emphasized the necessity for the plaintiff to demonstrate actual losses incurred due to a breach of contract. The ruling highlighted the importance of adhering to the principles outlined in the Contract Act, particularly sections 73 and 74, which govern the assessment of damages. The judgment serves as a critical reference for understanding contractual obligations and the enforcement of claims in financial disputes, particularly within the banking sector. Keywords such as 'banking law', 'contractual obligations', 'liquidated damages', and 'legal precedents' are pivotal for trending discussions in legal forums and can enhance the visibility of related legal content. |
| Court |
Lahore High Court
|
| Entities Involved |
HUNZA PACKAGES (PVT.) LIMITED,
MESSRS ORIX LEASING PAKISTAN LIMITED
|
| Judges |
MIAN HAMID FAROOQ,
PERVAIZ AHMAD
|
| Lawyers |
Jehanzeb Khan Bharwana,
M. Naeem Sahgal
|
| Petitioners |
HUNZA PACKAGES (PVT.) LIMITED THROUGH CHIEF EXECUTIVE AND 2 OTHERS
|
| Respondents |
MESSRS ORIX LEASING PAKISTAN LIMITED AND OTHERS
|
| Citations |
2004 SLD 615 = 2004 CLD 824
|
| Other Citations |
Allied Bank of Pakistan Ltd., Faisalabad v. Messrs Aisha Garments and others 2001 MLD 1955,
Habib Bank Ltd. v. Messrs Farooq Composit Fertilizer Corporation Ltd. and 4 others 1993 MLD 1571,
Messrs Hitec Metal Plast (Pvt.) through Chairman, Hasan Parvaiz Sindhi, Muslim Housing Society, Karachi and 3 others v. Habib Bank Limited PLD 1997 Quetta 87,
United Bank Limited v. Messrs Novelty Enterprises Ltd. and others PLD 1998 Kar.199
|
| Laws Involved |
Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997,
Contract Act, 1872
|
| Sections |
18,
74
|