2010 PLP 547 (CLD)
Messrs EMEN TEXTILE through Sole Proprietor and another — Appellants Versus HABIB BANK LIMITED — Respondent
| Citation | 2010 PLP 547 (CLD) |
| Forum / Court | Karachi |
| Bench Members | N/A |
| Parties | Messrs EMEN TEXTILE through Sole Proprietor and another — Appellants Versus HABIB BANK LIMITED — Respondent |
| Primary Law | Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001) |
Q1: What are the key laws and sections cited in 2010 PLP 547 (CLD)?
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 2010 PLP 547 (CLD)?
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: 2010 PLP 547 (CLD) (Messrs EMEN TEXTILE through Sole Proprietor and another — Appellants Versus HABIB BANK LIMITED — Respondent). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Representation
- Aziz Khan for Respondent.
Headnotes / Summary
Ss. 31 9 & 22
Suit for recovery of loan-Award of costs and funds
Appellants had impugned judgment and decree, whereby Banking Court had decreed the suit with costs of fund from the date of institution till realization
Counsel for the Bank had submitted that certain discrepancies existed in the amount claimed and decreed by the Banking Court and that proper accounting/ calculation was not done
Counsel for the appellants had conceded to such statement of counsel fur the respondent and did not dispute the veracity of the same
Likewise counsel for the respondent conceded that the cost of fund could not have been granted by the Trial Court from date of the institution of the suit and that in terms of subsection (2) of S.3 of Financial Institutions (Recovery of Finances) Ordinance, 2001, cost of fund could only be granted from the date of default till realization
Decree passed by the Trial Court was modified with costs of fund as specified by the statement from the date of default till realization. ?
Judgment & Decree
MUSHIR ALAM, J.
Granted subject to, all just exceptions.
2. Appellants have impugned judgment and decree dated 12-10-2009 whereby learned Banking Court-I, Karachi in Suit No.65.2 of 2007 had decreed the suit in the sum of Rs.130,60,694 together with cost of fund from the date of institution till realization. Prayer clauses III and V and cost of suit were granted and the suit was decreed jointly and severally against the defendants. Learned counsel for the respondent submits that there are certain discrepancies in the amount claimed and decreed by the Court. According to him, proper accounting calculation was not done by the respondent as per statement filed today which reads as follows: "RUNNING FINANCE WITH REF TO FINANCE AGREEMENT DATED 5-9-2005 AT PAGE 55 OF COURT FILE.
1. Sales Price Rs.5,000,000.00
2. Purchase Rs.6,260,274.00
3. Amount availed in Excess (Ref Page 155, Rs.491,120.48
4. Total of 2+3 Rs.6, 751, 394.48 5. (-) Payment Rs.121, 075.00
6. Total Due Rs.6,63,319.48" B. RE EXPORT REFINANCE FACILITY WITH REFERENCE TO FINANCE AGREEMENT DATED 5-9-2005/PAGE 85 OF Court FILE.
8. Purchase Price Rs. 4, 728,219.00
9. Repayment Nil
10. Total Due Rs.4,728,219.00 Grant Total Payable (6+10) of A& B. Rs.11, 358, 538.48. Learned counsel for the appellants concedes to such statement filed today in Court and does not dispute the veracity of the same likewise learned counsel for the respondents concedes that the cost of fund could not have been granted by the learned trial Court from the date of the institution of the suit. According to him, in terms of subsection (2) of section 3 of the Financial Institution (Recovery of Finance) Ordinance, 2001 the cost of fund could only be granted from the date of default till realization. Learned counsel for the appellants concedes to such legal position. In this view of the matter the decree is modified per total sum of Rs.11,358,538.48 together with costs of fund as specified by the statement from the date of default till realization. Under such modification the appeal stands disposed. H.B.T./E/2/K?????????????????????????????????????????????????????????????????????????????????????? Order accordingly.