1986 PLP 803 (CLC)
NATIONAL BANK OF PAKISTAN‑‑Petitioner Versus UNITED COTTON MILLS Ltd.‑‑Respondent
| Citation | 1986 PLP 803 (CLC) |
| Forum / Court | Lahore |
| Bench Members | Mahboob Ahmad, J |
| Parties | NATIONAL BANK OF PAKISTAN‑‑Petitioner Versus UNITED COTTON MILLS Ltd.‑‑Respondent |
| Primary Law | Banking Companies (Recovery of Loans) Ordinance (XIX of 1979)‑‑ |
Q1: What are the key laws and sections cited in 1986 PLP 803 (CLC)?
This judgment primarily cites: Banking Companies (Recovery of Loans) Ordinance (XIX of 1979)‑‑ as referenced in Pakistani case law index.
Q2: Which judicial bench decided the case 1986 PLP 803 (CLC)?
The case was heard and decided by the Lahore bench comprising: Mahboob Ahmad, J.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 1986 PLP 803 (CLC) (NATIONAL BANK OF PAKISTAN‑‑Petitioner Versus UNITED COTTON MILLS Ltd.‑‑Respondent). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Representation
- Date of hearing: 24th October, 1984.
Headnotes / Summary
‑‑‑S. 7‑‑Civil Procedure Code (V of 1908), O.XXXVII, rr.2 & 3‑ Recovery of loans‑‑Suit for‑‑Applications for leave to appeal and defend suit dismissed‑‑Such applications having been dismissed, contents of plaint in respect of recovery of loan, held, stood established‑‑Recovery suit filed by Bank decreed accordingly h costs. Muhammad Yaqoob Khan for Plaintiff. Nemo for Defendants Nos. 1, 4 and
5. Muhammad Mohsin Ansari for Defendants Nos. 2 and
6. Sadiq Hussain for Defendant No.3.
Judgment & Decree
(1) Demand promissory note, dated 1‑11‑1978 of the value of Rs.27,44,244.37 executed by defendant No.l in favour of the defendants Nos.2 to 6 and endorsed by the latter in favour of the plaintiff. (2) Delivery letter, dated 1‑11‑1978 regarding the above demand promissory note. (3) Form A (special), the agreement by the guarantors, dated 1‑11‑1978 and (4) Registered deed of mortgage. The defendants also delivered three letters to the plaintiff confirming the following amounts as outstanding against them as on 31‑12‑1978. These amounts have been detailed in the plaint as under‑-- (1) Pledge Account ... Rs.1,62,26,370.57 (2) Hypothecation Account Rs. 20,00,000.00 (3) Mortgage Account ... Rs. 28.67,045.59 Subsequently, on 17‑1‑1979, the defendants executed further documents in favour of the plaintiff as detailed in para 5 of the plaint.
3. According to the averments in the plaint, as on 7‑8‑1982, a sum of Rs.54,98,037.89 stood due from the defendants to the plaintiff on various scores. This amount, however, does not include interest for the quarter commencing 1‑7‑1982. Statements of accounts in support of the above claim duly certified as provided by the Bankers Books Evidence Act, 1891 have also been filed with the plaint alongwith other documents in support of the claim.
4. In para. 7 of the plaint, it has been stated that the defendants had agreed to pay interest et the rate of four per cent above the Bank rate with a minimum of fourteen per cent per annum with quarterly rests. On the basis of this averment interest on the suit amount has been claimed at the rate of fourteen per cent per annum with quarterly rests.
5. Vide orders of even date passed separately the applications for leave to appear and defend the suit made by defendants Nos.l and 3 have been dismissed.
6. The said applications having been dismissed the contents of the plaint stand established and accordingly this suit is decreed with costs in favour of the plaintiff‑Bank and against the defendants for recovery of Rs.54,98,037.89 with interest at the rate of fourteen per cent per annum with quarterly, rests from the date of institution of the suit till realization.
7. The defendants are allowed a period of six months to deposit the decretal amount in Court failing which the mortgaged property as also the hypothecated goods shall be sold in execution of the decree. In case the sale‑proceeds of the mortgaged property are found to be insufficient to satisfy the decree, the plaintiff shall be at liberty to apply to the Court for a decree against the defendants for recovery of the balance amount otherwise from them in accordance with law. H. B. T. Suit decreed.