2011 CLD 265 (PLP)
MEEZAN BANK LIMITED — Plaintiff Versus DEWAN SALMAN FIBRES LIMITED — Defendant
| Citation | 2011 CLD 265 (PLP) |
| Forum / Court | Karachi |
| Bench Members | N/A |
| Parties | MEEZAN BANK LIMITED — Plaintiff Versus DEWAN SALMAN FIBRES LIMITED — Defendant |
| Primary Law | Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001) |
Q1: What are the key laws and sections cited in 2011 CLD 265 (PLP)?
This judgment primarily cites: Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001) as referenced in Pakistani case law index.
Q2: Which judicial bench decided the case 2011 CLD 265 (PLP)?
The case was heard and decided by the Karachi bench comprising: N/A.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 2011 CLD 265 (PLP) (MEEZAN BANK LIMITED — Plaintiff Versus DEWAN SALMAN FIBRES LIMITED — Defendant). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Headnotes / Summary
Ss. 9 & 10--Suit for recovery of loan
Application for leave to defend suit
Defendant in his application for leave to defend suit had admitted the liability in the sum of Rs.165,257,526.95
Counsel for plaintiff bank submitted that he would be satisfied, if interim decree was passed for the said admitted amount of liability--counsel for the defendant had also no objection for passing interim decree for said admitted amount and had further prayed that his application for leave to defend be allowed
By consent of the counsel, application for leave to defend was allowed and same was converted into written statement
On request of both counsel of the parties, Court appointed a Charted Accountant as Commissioner to resolve the controversy.
Judgment & Decree
MUHAMMAD ALI MAZHAR, J.
While hearing the leave to defend application learned counsel for the plaintiff drawn the attention of this court to the Paragraph of 26 of the leave to defend application, in which the defendant has admitted the liability in the sum of Rs.165,267,526.95. Learned counsel for the plaintiff submits that he will be satisfied, if interim decree is passed for the admitted amount of liability. Learned counsel for the defendant has also no objection for passing interim decree for the aforesaid admitted amount and he further prays that his leave to defend application may be allowed. By consent of the learned counsel, leave to defend application is allowed and the same is converted into written statement. Office is directed to prepare interim decree accordingly. Both the learned counsel make a request that in order to resolve the controversy it would be appropriate to appoint Chartered Accountant and they jointly suggested the name of Messrs Haroon Zakria and Co., Office at Room No.21, 2nd Floor; Progressive Plaza, Plot No.5-CL-10, Civil Lines Quarters, Beamount Road, Karachi. By consent Messrs Haroon Zakria & Co. is appointed Commissioner. The Commissiooner's fee shall be Rs.1 lac, which will be paid by both the parties equally. Parties will supply their respective financial statements/documents relating to the financial facility involved in this case to the Commissioner, who will examine and determine the actual liability to be paid by the defendant to the plaintiff. This exercise should be completed within three months. After filing of report by the Commissioner the parties will be allowed to file their objections if any, and also file their proposed issues if required. In view of the above the leave to defend application is disposed of. H.B.T./M-196/K Order accordingly.