2004 PLP 1783 (CLC)
Messrs CHEM PAK (PVT.) LIMITED — Appellant Versus NATIONAL BANK OF PAKISTAN — Respondent
| Citation | 2004 PLP 1783 (CLC) |
| Forum / Court | Lahore |
| Bench Members | N/A |
| Parties | Messrs CHEM PAK (PVT.) LIMITED — Appellant Versus NATIONAL BANK OF PAKISTAN — Respondent |
Q1: What are the key laws and sections cited in 2004 PLP 1783 (CLC)?
This judgment primarily cites: statutory provisions as referenced in Pakistani case law index.
Q2: Which judicial bench decided the case 2004 PLP 1783 (CLC)?
The case was heard and decided by the Lahore bench comprising: N/A.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 2004 PLP 1783 (CLC) (Messrs CHEM PAK (PVT.) LIMITED — Appellant Versus NATIONAL BANK OF PAKISTAN — Respondent). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Representation
- Sheikh Raees Ahmad for Respondent No.2.
Headnotes / Summary
S. 47 & O. XXI, R. 64
Matter was settled between decree-holler Bank and judgment-debtor through out of Court settlement and amount was adjusted according to said settlement Dispute arose with regard to machinery and superstructure between judgment-debtor and auction-purchaser of said machinery and superstructure--Such dispute would be decided by Executing Court and in whose favour verdict would go, he would be entitled to withdrawal of auction money already deposited with Executing Court
Executing Court was directed to decide matter within specified period.
Judgment & Decree
MUHAMMAD AKHTAR SHABBIR, J.
This order will dispose of two appeals, bearing No. F.A.O. 46 of 2002 and F.A.O. 48 of 2002 as both of them arise out of the execution of the same decree.
2. The matter has been resolved between the appellant and the decree-holder-Bank/respondent No.
1. Pursuant to the preceding order dated 23-6-2003; learned counsel for the respondent-Bank/decree-holder A has placed on record a copy of the letter, dated 13-5-2003, approving the memorandum dated 13-12-2002 regarding out of Court settlement, adjustment of account under S.B.P. Guidelines contained in circular dated 25-10-2002/package, which has also been placed on the record, wherein it has been settled between the parties that the appellant is willing to deposit a sum of Rs.20,28,316 out of Court settlement. As a result thereof, the appellant will deposit Rs.8,00,000 as down payment within one week, which has already been deposited under the orders of this Court. Further amount of Rs.8,00,000 which is lying with the Court as auction money, is now under dispute and the Executing Court has even issued an injunctive order in this regard, therefore, the appellant will make payment of this amount (Rs.8,00,000) from his own sources. on or before 30th of June, 2003, while the remaining amount of Rs.4;28,316 will be deposited by the appellant in quarterly instalment within three years. However, if the appellant fails to make payment of Rs.8,00,000, as mentioned above, on or before 30-6-2003, he shall not be entitled to the concession as given by the Relief Package.
3. As a dispute with regard to the machinery and superstructure (Malba) has arisen between the auction-purchaser and the appellant/ judgment-debtor, therefore, the same shall be decided by the Executing Court and in whose favour the verdict goes, he shall be entitled to the withdrawal of the auction money already deposited with the, Executing Court. It has been pointed out that the Executing Court has already fixed some date in the matter, with regard to this dispute. Therefore, the appellant as welt as the auction-purchaser are directed to appear before the learned Executing Court on the date already fixed by it. The learned Executing Court is directed to decide the matter within thirty days.
4. Both these appeals stand disposed of as having not been pressed in view of the aforesaid settlement between the parties. H.B.T./C-23/L Order accordingly.