2003 PLP 1703 (CLD)
INDUSTRIAL DEVELOPMENT BANK OF PAKISTAN‑‑‑Plaintiff Versus Messrs PAK PUNJAB CARPETS and others‑‑‑Respondents
| Citation | 2003 PLP 1703 (CLD) |
| Forum / Court | Lahore |
| Bench Members | Mian Hamid Farooq, J |
| Parties | INDUSTRIAL DEVELOPMENT BANK OF PAKISTAN‑‑‑Plaintiff Versus Messrs PAK PUNJAB CARPETS and others‑‑‑Respondents |
| Primary Law | Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)‑‑‑ |
Q1: What are the key laws and sections cited in 2003 PLP 1703 (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 2003 PLP 1703 (CLD)?
The case was heard and decided by the Lahore bench comprising: Mian Hamid Farooq, J.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 2003 PLP 1703 (CLD) (INDUSTRIAL DEVELOPMENT BANK OF PAKISTAN‑‑‑Plaintiff Versus Messrs PAK PUNJAB CARPETS and others‑‑‑Respondents). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Headnotes / Summary
‑‑‑‑S.9‑‑‑Claim for recovery of liquidated damages by Bank‑‑ Validity‑‑‑Plaintiff‑Bank was not entitled to recover such amount‑‑‑Such claim of Bank being not entertainable was rejected in circumstances. 2001 MLD 1955 fol. Shoaib Zafar for Plaintiff. Syed Ali Zafar for Defendants Nos. 1 to
10. Saleem Shehnazi for Defendants Nos. 11 to 13.
Judgment & Decree
Syed Ali Zafar for Defendants Nos. 1 to
10. Saleem Shehnazi for Defendants Nos. 11 to
13. Instant application has been filed by the defendant‑Company with the prayer that as all the amounts, legally due and payable by the defendant‑company, have since been paid to the plaintiff‑Bank, therefore, the suit has become infructuous, thus, the same be disposed of. The application has been opposed by the learned counsel for the plaintiff.
2. After hearing the learned counsel for the parties, I am inclined to decide the main suit, which is fixed for today, therefore, the application stands disposed of. P.L.As. Nos.100‑B of 2000, 104‑B of 2002 and Civil Miscellaneous No.712‑B of 2002
3. As the parties have amicably settled the matter in view of the decision of the Verification Committee, constituted under section 10(5) of the Corporate and Industrial Restructuring Corporation Ordinance, 2000, therefore, all these applications have become infructuous. Disposed of accordingly.
4. Learned counsel for the plaintiff submits that although pursuant to the decision of the aforementioned Verification Committee, entire determined liability has been liquidated by the defendant No.1 yet the amount of liquidated damages is still due against the defendant Company, which matter has been left to the decision of this Court. In the above perspective, the learned counsel for the plaintiff requests for the grant of amount of liquidated damages, which prayer has been opposed by the learned counsel of the defendants.
5. The plaintiff is not entitled to recover the amount of liquidated damages, as per the principle laid down in the judgment reported as Allied Bank of Pakistan Ltd., Faisalabad, 2001 MLD 1955, wherein it has been held that the plaintiff‑Bank is not entitled to recover the amount of liquidated damages. In view whereof, the plaintiff, in the instant case, is also not entitled to claim the amount of liquidated damages, thus, the claim of the plaintiff regarding the said amount cannot be entertained and the 'same stands rejected.
6. In the above perspective, as all other amounts have been paid and the claim regarding the liquidated damages has been rejected, therefore, the suit has become infructuous, as such, stands dismissed with no order as to costs. S.A.K./I‑207/L Suit dismissed.