2010 PLP 151 (CLD)
SONERI BANK LTD. — Plaintiff Versus DEWAN SUGAR MILLS LTD. — Defendant
| Citation | 2010 PLP 151 (CLD) |
| Forum / Court | Karachi |
| Bench Members | N/A |
| Parties | SONERI BANK LTD. — Plaintiff Versus DEWAN SUGAR MILLS LTD. — Defendant |
| Primary Law | Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001) |
Q1: What are the key laws and sections cited in 2010 PLP 151 (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 151 (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 151 (CLD) (SONERI BANK LTD. — Plaintiff Versus DEWAN SUGAR MILLS LTD. — Defendant). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Headnotes / Summary
Ss.9 & 15
Application for
Plaintiff/Bank had sought an order for sale of the sugar pledged by the defendant with the plaintiff in respect of suit transaction
On application of the plaintiff-Bank for sale of sugar pledged by the defendant with the plaintiff, mechanism for such sale would be that the defendant would place before the Official Assignee the offer that he could procure-from the market for the sale of the stock or part thereof-Official assignee after verifying such. offer was to be fair and reasonable and issue delivery order upon deposit of the price offered with the Nazir of the High Court
Fate of such sale proceeds would be decided later
Defendant would commence the exercise forthwith so that the entire stock could be sold within a period of three months
Plaintiff--Bank would also be at liberty to procure and submit the purchase offers.
Judgment & Decree
MAQBOOL BAQAR, J.
Through this application, the plaintiff-Bank has sought an order for sale of the sugar pledged by the defendant No.1 with the plaintiff in respect of the suit transaction. Mr. M. Saleem Thepdawala submits that the defendant are making every endeavour to repay the plaintiffs dues and have in fact till now repaid Rs.210 million to the plaintiff-Bank. He submits that the defendant have absolutely no objection to the sale of the pledged sugar, however, the Sales Tax Department has placed an embargo on the sale of the pledged sugar on the ground that some amount towards sales tax in respect of the previous sale is outstanding against defendant No.1. In view of the above, I find it appropriate to order sale of the stock sugar and the mechanism for such sale would be that the defendant No.1 shall place before the Official Assignee the offer that he may procure from the market for the sale of the stock or part thereof. The Official Assignee shall, after verifying that such offer is fair and reasonable issue delivery order upon deposit of the price offered with the Nazir of this Court. The fate of such sale proceeds shall be decided later. The Defendant No.1 shall commence the exercise forthwith so that the entire stock weighing 9502 M.T. may be sold within a period of three months. The plaintiff bank shall also be at liberty to recover and submit the purchase offers. The application stands disposed of. Copies of this order be forthwith sent to:-- (1) The Deputy Collection Regional Tax Office (Sales Tax and Federal Exercise Wing), Government of Pakistan, A/49, S.I.T.E. Area, Hyderabad. (2) Food Department, Government of Sindh. (3) Food and Agricultural Department, Government of Pakistan. (4) Trading Corporation of Pakistan. H.B.T./S-126/K Order accordingly.