1981 PLP 1653 (CLC)
UNITED BANK LIMITED‑Petitioner Versus AHMED SPINNING MILLS LIMITED‑Respondent
| Citation | 1981 PLP 1653 (CLC) |
| Forum / Court | Karachi |
| Bench Members | Naimuddin, Actg. C J |
| Parties | UNITED BANK LIMITED‑Petitioner Versus AHMED SPINNING MILLS LIMITED‑Respondent |
| Primary Law | Companies Act (VII of 1913)‑ |
Q1: What are the key laws and sections cited in 1981 PLP 1653 (CLC)?
This judgment primarily cites: Companies Act (VII of 1913)‑ as referenced in Pakistani case law index.
Q2: Which judicial bench decided the case 1981 PLP 1653 (CLC)?
The case was heard and decided by the Karachi bench comprising: Naimuddin, Actg. C J.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 1981 PLP 1653 (CLC) (UNITED BANK LIMITED‑Petitioner Versus AHMED SPINNING MILLS LIMITED‑Respondent). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Representation
- Syed Mamnoon Hassan for Petitioner.
Headnotes / Summary
‑‑S. 120‑Charge, registration of‑Extension of time‑Prayers for extension of time for registration of charge created by registered mortgage deed objected to on grounds that agreement between parties laying down riot to charge or mortgage properties without their permission‑Genuineness of mortagage deed, however, not disputed‑Held in case of breach of agreement, action can be taken in accordance with law‑Such fact cannot be ground for refusal of extension of time. A. I. Chundrigar.for I.D.B.P. Nemo for any other Party
Judgment & Decree
By this petition under section 120 of the Companies Act, 1913, the petitioner prays for extension of time for registration of the charge created by the registered mortgage deed. Mr. A.I. Chundrigar, Advocate, object to the extension of time, although the Assistant Registrar Joint Stock Companies in the written statement dated 13th August, 1979 has stated no objection. As regards the objection of Mr. Chundrigar, he submits that there is an agreement between the Industrial Development Bank and the borrower namely Ahmed Spinning Mills Ltd., not to charge or mortgage it properties without their permission. However, the genuineness of mortgage deed is not disputed. If there is any breach of the agreement that would make the Industrial Development Bank entitled to take any action in accordance with law but that would not be a ground to refuse extension of time. 1, therefore, grant the petition and extend the time for two weeks froth the date hereof. M' Y' M' Petition granted.