2005 PLP 1743 (CLD)
MUHAMMAD RAMZAN JAVED and another — Appellants Versus HABIB BANK LIMITED and 2 others — Respondents
| Citation | 2005 PLP 1743 (CLD) |
| Forum / Court | Lahore |
| Bench Members | N/A |
| Parties | MUHAMMAD RAMZAN JAVED and another — Appellants Versus HABIB BANK LIMITED and 2 others — Respondents |
| Primary Law | Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001) |
Q1: What are the key laws and sections cited in 2005 PLP 1743 (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 2005 PLP 1743 (CLD)?
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: 2005 PLP 1743 (CLD) (MUHAMMAD RAMZAN JAVED and another — Appellants Versus HABIB BANK LIMITED and 2 others — Respondents). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Representation
- Syed Nazir Hussain Shah for Respondent No. 1.
- Muhammad Afzal Khan for Respondent No. 2.
- During the course of hearing, the learned counsel for the appellants has made an offer to compensate the respondent No.2 the auction-purchaser, in lieu of his giving up the sale. It is stated that the appellants shall pay Rs.2,00,000 to the respondent No.2-auction-purchaser as the compensation and the auction-purchaser shall also be entitled to withdraw the amount of Rs.4,50,000, deposited by him with the Court; besides that, the appellants shall also satisfy the decree by paying the decretal amount to the decree-holder-Bank, within a period of 30 days. This offer is accepted by the learned counsel for respondent No.2, auction-purchaser as well as the respondent No. 1, Bank. Therefore, let the appellants pay the respondent auction-purchaser the amount of Rs.2,00,000 by making deposit with the Banking Court within a period of 30 days from today, which amount along with Rs.4,50,000, already deposited by the said respondent as 'an auction price of the property, shall be released to him by the Banking Court. Besides, the amount of the decree shall also be deposited by the appellants with the Court within the same period for onward payment to the decree-holder-Bank. In case, the above amounts are not so deposited, this appeal shall be deemed to have been dismissed. It may be pertinent to mention that, any amount deposited by the appellants with the Court or the Bank, in pursuance of discharging their liability after passing of the decree, shall be adjusted towards the decretal amount payable to the respondent-Bank. This appeal is accordingly disposed of.
Headnotes / Summary
Ss.9 & 22
Appellants during course of hearing had made offer to compensate respondent-auction purchaser in lieu of his giving up sale and stated that appellants would pay Rs.2,00,000 to auction-purchaser as compensation and said auction-purchaser would also be entitled to withdraw amount of 4,50,000 deposited by him with the Court, besides that appellants would also satisfy the decree by paying decretal amount to decree-holder
Said offer had been accepted by auction-purchaser as well as the Bank
Appellants were to deposit amounts according to their offer within specified period and in case said amounts were not deposited appeal would be deemed to have been dismissed.
Judgment & Decree
During the course of hearing, the learned counsel for the appellants has made an offer to compensate the respondent No.2 the auction-purchaser, in lieu of his giving up the sale. It is stated that the appellants shall pay Rs.2,00,000 to the respondent No.2-auction-purchaser as the compensation and the auction-purchaser shall also be entitled to withdraw the amount of Rs.4,50,000, deposited by him with the Court; besides that, the appellants shall also satisfy the decree by paying the decretal amount to the decree-holder-Bank, within a period of 30 days. This offer is accepted by the learned counsel for respondent No.2, auction-purchaser as well as the respondent No. 1, Bank. Therefore, let the appellants pay the respondent auction-purchaser the amount of Rs.2,00,000 by making deposit with the Banking Court within a period of 30 days from today, which amount along with Rs.4,50,000, already deposited by the said respondent as 'an auction price of the property, shall be released to him by the Banking Court. Besides, the amount of the decree shall also be deposited by the appellants with the Court within the same period for onward payment to the decree-holder-Bank. In case, the above amounts are not so deposited, this appeal shall be deemed to have been dismissed. It may be pertinent to mention that, any amount deposited by the appellants with the Court or the Bank, in pursuance of discharging their liability after passing of the decree, shall be adjusted towards the decretal amount payable to the respondent-Bank. This appeal is accordingly disposed of. H.B.T./M-216/L Order accordingly.