| Case ID |
d6393ff2-5a44-4bdc-98d5-9168fb2e9c7b |
| Body |
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| Case Number |
Civil Petition No.2021-L of 2005 |
| Decision Date |
Oct 20, 2005 |
| Hearing Date |
|
| Decision |
The Supreme Court dismissed the petition by confirming the Lahore High Court's ruling that the money decree passed by the Banking Court was valid. The court found no merit in the petitioner's claim that the suit was improperly filed by an unauthorized individual. The High Court had relied on a Notification from 1974 that authorized Senior Vice-Presidents to file suits on behalf of the bank. Since no arguments were presented against this notification, the decision was upheld, and leave to appeal was refused. |
| Summary |
In the case of Civil Petition No.2021-L of 2005, the Supreme Court of Pakistan addressed issues surrounding the validity of a money decree issued by the Banking Court in favor of the Industrial Development Bank of Pakistan. The petitioners, Messrs Termizi Oil Industries (PVT.) LTD., contested the decree, arguing that the Senior Vice-President, who filed the suit, lacked the authority to do so. The court reviewed the relevant laws including the Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001) and the Constitution of Pakistan (1973). The Supreme Court upheld the Lahore High Court's decision, which had confirmed the decree based on a historical notification that authorized Senior Vice-Presidents to initiate such legal actions. The case highlights the importance of proper authorization in legal proceedings and reinforces the validity of decrees supported by established protocols. This case serves as a critical reference in banking law and the authority of financial institutions in legal matters. |
| Court |
Supreme Court of Pakistan
|
| Entities Involved |
INDUSTRIAL DEVELOPMENT BANK OF PAKISTAN,
TERMIZI OIL INDUSTRIES (PVT.) LTD.
|
| Judges |
FAQIR MUHAMMAD KHOKHAR,
KARAMAT NAZIR BHANDARI
|
| Lawyers |
Khawar Ikram Bhatti
|
| Petitioners |
Messrs TERMIZI OIL INDUSTRIES (PVT.) LTD. through Director and 3 others
|
| Respondents |
INDUSTRIAL DEVELOPMENT BANK OF PAKISTAN through Senior Vice President
|
| Citations |
2007 SLD 2761,
2007 CLD 1509
|
| Other Citations |
Not available
|
| Laws Involved |
Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001),
Constitution of Pakistan (1973)
|
| Sections |
9,
185(3)
|