| Case ID |
e1b91952-52bc-4de6-a3e3-58a08dbbc278 |
| Body |
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| Case Number |
R.F.A. No.354 of 2000 |
| Decision Date |
Mar 29, 2005 |
| Hearing Date |
Mar 29, 2005 |
| Decision |
The Lahore High Court decided to partially allow the appeal filed by the appellants, Messrs ICEPAC LIMITED and another, against the decree passed by the Banking Court. The High Court found that the decree of Rs.9,042,416 along with future mark-up was issued without proper examination of the statement of accounts, which was deemed sketchy, brief, and lacking necessary details as per legal requirements. The court directed the respondent Bank to file a complete and detailed statement of accounts before the Banking Court, which would then reconsider the case based on this new information. The court maintained the decree against other defendants who did not file appeals. The case was remanded back to the Banking Court for a fresh decision, ensuring that due process and legal standards were followed. |
| Summary |
In the case of R.F.A. No.354 of 2000, the Lahore High Court examined the appeal of Messrs ICEPAC LIMITED against a decree issued by the Banking Court for the recovery of Rs.9,042,416. The appeal was centered around the adequacy of the statement of accounts provided by the respondent Bank, which the appellants claimed was insufficient and contained incorrect entries. The High Court determined that the Banking Court had failed to adequately address the issues raised regarding the statement of accounts. Consequently, the High Court partially accepted the appeal, set aside the prior decree against the appellants, and ordered the respondent Bank to submit a comprehensive statement of accounts. The decision emphasizes the importance of detailed and accurate financial documentation in banking disputes, reinforcing the legal standards required under the relevant laws. The case highlights critical issues in financial accountability and the necessity for banks to adhere to statutory requirements when pursuing recovery actions. |
| Court |
Lahore High Court
|
| Entities Involved |
Messrs ICEPAC LIMITED,
Messrs PAKISTAN INDUSTRIAL LEASING CORPORATION LTD.
|
| Judges |
MIAN HAMID FAROOQ,
SYED HAMID ALI SHAH
|
| Lawyers |
Salman Aslam Butt,
Rashdeen Nawaz Kasouri
|
| Petitioners |
,
Messrs ICEPAC LIMITED
|
| Respondents |
Messrs PAKISTAN INDUSTRIAL LEASING CORPORATION LTD.
|
| Citations |
2005 SLD 1668,
2005 CLD 1186
|
| Other Citations |
Bankers Equity Limited through Principal Law Officer and 5 others v. Messrs Bentonite Pakistan Limited and 7 others 2003 CLD 931,
Messrs C.M. Textile Mills (Pvt.) Limited through Chairman and 5 others v. Investment Corporation of Pakistan 2004 CLD 587
|
| Laws Involved |
Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act,
Bankers' Books Evidence Act
|
| Sections |
9,
4
|