| Case ID |
d89c6b5b-126d-496e-8df9-5adf9e0a4360 |
| Body |
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| Case Number |
E F.A. No. 139 of 2005 |
| Decision Date |
Apr 13, 2005 |
| Hearing Date |
|
| Decision |
The Lahore High Court reviewed the contention of the appellant regarding the determination of the value of hypothecated goods by the Banking Court. The appellant argued that the value as determined did not align with the report of the Local Commissioner and that the Banking Court failed to request a list of hypothecated goods from the Bank. The High Court agreed with this assessment and remitted the case back to the Banking Judge for reconsideration. The Banking Court was directed to reassess the value based on the record and to ensure that the Bank provides the necessary documentation to eliminate any ambiguity in the execution proceedings. Until this issue is resolved, execution proceedings against the appellant are to be kept in abeyance for one month. |
| Summary |
This case involves a legal dispute regarding the recovery of finances under the Financial Institutions (Recovery of Finances) Ordinance, 2001. The Lahore High Court scrutinized the Banking Court's determination of the value of hypothecated goods, which was contested by the appellant, Shabbir Ahmad. The appellant argued that the Banking Court's valuation did not correspond with the findings of a Local Commissioner. The High Court recognized the need for accurate and substantiated evaluations in financial recovery cases, leading to a remand for reevaluation by the Banking Judge. This case highlights the importance of compliance with procedural requirements and proper documentation in financial disputes, ensuring that parties are treated fairly and that execution proceedings are based on comprehensive and accurate information. |
| Court |
Lahore High Court
|
| Entities Involved |
Not available
|
| Judges |
ALI NAWAZ CHOWHAN,
UMAR ATA BANDIAL
|
| Lawyers |
Muhammad Khalid Mehmood,
Ch. Mehboob Alam
|
| Petitioners |
SHABBIR AHMAD
|
| Respondents |
NATIONAL BANK OF PAKISTAN through Chief Manager and 2 others
|
| Citations |
2005 SLD 1749,
2005 CLD 1651
|
| Other Citations |
Not available
|
| Laws Involved |
Financial Institutions (Recovery of Finances) Ordinance, 2001
|
| Sections |
9,
22
|