1989 PLP 3285 (MLD)

Arib Hussain for Plaintiff. Arif Bilal for Defendant. Date of hearing: 16th January. 1989. This is a suit for the recovery of Rs.5,00,

000. According to the plaintiff, he invested the said sum with the defendant on various dates from 1-9-1985 to 14-4-1988. The terms of investment were contained in Annexures A/1 to A/6, which inter alia, provided that the plaintiff shall be entitled to the return of his investment by giving 30 days' notice to the defendant. The defendant, in pursuance of the said agreement, made payment of fixed profits at the agreed rates till April, 1988, whereafter the defendant started committing default from May, 1988. On or about 30-7-1988 the plaintiff called on the defendant for return of the money but the defendant refused to do so. Thereafter, from time to time, demands were made by the plaintiff but refused by the defendant. Finally, on 2-8 1988 the plaintiff sent an express telegram as well as a legal notice demanding repayment of the entire amount but the same were of no avail. The plaintiff, therefore, prays for a decree for Rs.5,00,000 plus interest at the rate of 15% per annum with full and final realization of the decretal amount.

2. The defendant, in his counter-affidavit to the plaintiff's application under Order 38 rules 1 and 5 CPC, has acknowledged receipt of Rs.5,00,000 in paras. 7 and 10 thereof. Today, when the matter came up for hearing of CMA No.3888/88 and CMA No.710/88, Mr. Arif Bilal, learned counsel for the defendant, frankly conceded that the defendant has acknowledged the investment of the said amount with the defendant's business to the extent of Rs.5,00,000 and made a request on behalf of the defendant that this amount may be allowed to be repaid by the defendant to the plaintiff in instalments of Rs.22,500 per month beginning from 20-2-1989 Mr. Arif Hussain, leaned Counsel for the plaintiff, agrees to restrict his claim against the defendant to a sum of Rs.5,00,000 and relinquishes the claim of the plaintiff in respect of interests and costs, He also agrees to accept monthly instalments of Rs.22,500 payable from 20-2-1989 as offered by the defendants. It is mutually agreed between the parties that in case of default in the payment of any two consecutive instalments, the entire unpaid amount shall become due and payable at once by the defendant to the plaintiff and the plaintiff shall be entitled to file, execution proceedings forthwith against the defendant without notice to him. It is also mutually agreed that till the entire amount of Rs.5,00,000 is paid by the defendant to the plaintiff, the property of the defendant bearing Shop No.8, ground floor, situated on Plot No.10 2, Survey Sheet No.SR-9, Serai Quarters, Karachi, shall remain attached in favour of the plaintiff. Suit No.609/88 and CMAs. Nos.3888/88 and No.710/88 stand disposed of accordingly. MA.K./M-805/K Order accordingly.