| Case ID |
5c010f82-5643-4e6c-b8c5-c6529c7d031d |
| Body |
View case body. Login to View |
| Case Number |
D-2741 of 2016 |
| Decision Date |
|
| Hearing Date |
|
| Decision |
The petitioner's request to declare the proceedings initiated by the Banking Court as illegal was dismissed by the Sindh High Court. The court ruled that the liability of the surety is co-extensive with that of the principal debtor. The decree holder is entitled to recover the loan amount either from the principal borrower or the surety. The court found no merit in the petitioner's arguments and upheld the execution of the decree against the mortgaged property, emphasizing that the petitioner's claims were misconceived. The petition was dismissed at the preliminary stage, along with all listed applications. |
| Summary |
In this significant case from the Sindh High Court, the petitioner, represented by Muhammad Rafi Kamboh, challenged the legality of execution proceedings initiated by the Banking Court for recovery of a loan. The case revolves around the provisions of the Financial Institutions (Recovery of Finances) Ordinance and the Civil Procedure Code. The court reaffirmed that a surety's liability is equal to that of the principal debtor, allowing the decree holder to pursue recovery from either party. The ruling emphasizes the legal principles governing financial recoveries, ensuring clarity in obligations and enforcement measures. This case is pivotal for understanding the rights of creditors and the responsibilities of debtors and sureties within the framework of financial law in Pakistan. Keywords like 'financial recovery', 'banking law', and 'debt liability' are crucial for SEO optimization, as they capture the essence of the case and attract relevant searches. |
| Court |
Sindh High Court
|
| Entities Involved |
Not available
|
| Judges |
SAJJAD ALI SHAH,
SYED SAEEDUDDIN NASIR,
ASHFAQ HUSSAIN
|
| Lawyers |
Muhammad Rafi Kamboh
|
| Petitioners |
Muhammad Rafi Kamboh
|
| Respondents |
7 others,
BANKING COURT NO.II
|
| Citations |
2016 SLD 3359,
2016 CLD 1281
|
| Other Citations |
Not available
|
| Laws Involved |
Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001),
Civil Procedure Code (V of 1908)
|
| Sections |
9,
O. XXI
|