2005 PLP 649 (CLD)
NATIONAL BANK OF PAKISTAN through General Attorney — Plaintiff Versus Messrs MUBARAK TEXTILE MILLS LTD. through Managing Director/Chief Executive and 7 others — Defendants
| Citation | 2005 PLP 649 (CLD) |
| Forum / Court | Lahore |
| Bench Members | N/A |
| Parties | NATIONAL BANK OF PAKISTAN through General Attorney — Plaintiff Versus Messrs MUBARAK TEXTILE MILLS LTD. through Managing Director/Chief Executive and 7 others — Defendants |
| Primary Law | Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001) |
Q1: What are the key laws and sections cited in 2005 PLP 649 (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 649 (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 649 (CLD) (NATIONAL BANK OF PAKISTAN through General Attorney — Plaintiff Versus Messrs MUBARAK TEXTILE MILLS LTD. through Managing Director/Chief Executive and 7 others — Defendants). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Headnotes / Summary
Ss. 9 & 19(1)
Civil Procedure Code (V of 1908), O.XXI, R.2
Suit was decreed in terms of compromise between the parties
Both parties had stated that amount due under the decree had been paid by judgment-debtor to decree-holder Bank subject to condition that all or any payment under insurance claims filed by judgment-debtors against Insurance Companies would be recovered by decree-holder-Bank
Nothing was due from judgment-debtors to decree-holder-Bank under the decree
Payment of decretal amount subject to said condition of recovery by decree-holder from Insurance Companies was recorded in terms of O.XXI, R. 2, C.P.C. and guarantees and securities would stand discharged and document would be returned to judgment-debtor by decree-holder-Bank
Judgment & Decree
C.M. No.1518 of 2004 Let the main case to be taken up. C.M. is disposed of. C.O.S. No.11 of 2000 Presence as above. A suit filed by the applicant-Bank was decreed against the respondent on 15-9-2004 as per terms of the compromise recorded in mark "A". It is now being stated that the decree has been satisfied. In terms of section 19(1) of Financial Institutions (Recovery of Finances) Ordinance, 2001, after decree the proceedings stand converted into execution. Office now to number this case as original execution application.
2. It is being stated by both the learned counsel that the amount due under the decree has been paid by the judgment-debtor to the decree-holder-Bank subject to the condition that all or any payments under the insurance claims filed by the judgment-debtors against the insurance companies as per details recorded in para.5 of the C.M. No.1518 of 2004 (this application is marked as mark "C") will be recoverable by the decree-holder-Bank and H.B.L., nothing is due from the judgment-debtors to the appellant under the decree dated 15-9-2004.
3. The payment of the decretal amount subject to the said condition of recovery by the decree-holder-Bank and H.B.L. from insurance companies is recovered in terms of Order 21, rule 2, C.P.C. All guarantees and securities shall stand discharged and the document shall be returned to the judgment-debtor by the decree-holder-Bank. The decree having been satisfied, Execution application is consigned to the records. H.B.T./N-14/L Order accordingly.