1996 PLP 729 (MLD)
Messrs UNITED BANK LIMITED‑‑‑Plaintiff Versus BASHIR ENGINEERING INDUSTRIES and others‑‑‑Defendants
| Citation | 1996 PLP 729 (MLD) |
| Forum / Court | Lahore |
| Bench Members | Ch. Khurshid Ahmad, J |
| Parties | Messrs UNITED BANK LIMITED‑‑‑Plaintiff Versus BASHIR ENGINEERING INDUSTRIES and others‑‑‑Defendants |
| Primary Law | Banking Companies (Recovery of Loans) Ordinance (XIX of 1979)‑‑‑ |
Q1: What are the key laws and sections cited in 1996 PLP 729 (MLD)?
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 1996 PLP 729 (MLD)?
The case was heard and decided by the Lahore bench comprising: Ch. Khurshid Ahmad, J.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 1996 PLP 729 (MLD) (Messrs UNITED BANK LIMITED‑‑‑Plaintiff Versus BASHIR ENGINEERING INDUSTRIES and others‑‑‑Defendants). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Representation
- Date of hearing: 21st June, 1995.
Headnotes / Summary
‑‑‑‑S.6‑‑‑Civil Procedure Code (V of 1908), O.XXXVII, Rr.2, 3 & O.XXVI, R.11‑‑‑Suit for recovery of loan‑‑‑Leave to appear and defend suit‑‑‑Local Commissioner was appointed to calculate interest at specified rate only on quarterly rest‑‑‑Local Commissioner filed his report end copies thereof were also delivered to the parties‑‑‑None of the parties having filed objections to report of Local Commissioner, same was considered as accepted by the parties‑‑ Preliminary decree was granted in favour of plaintiffs against defendant with interest on basis of report submitted by Local Commissioner. Pakistan Fisheries Ltd., Karachi and others v. U.B.L. PLD 1993 SC 109 ref, Irfan Masood Sheikh for Plaintiff. Khawaja Haris Ahmad for the Defendants
Judgment & Decree
7. The Local Commissioner has computed penal interest on the loan account accordingly with total sum of Rs.3,80,
500. The wine is granted.
8. The plaintiff had claimed excessive amounts in CC‑38 & CC‑40 accounts whereas IBP account was properly maintained. The report of the Local Commissioner having been‑ accepted, being not objected to the amounts are allowed as under:‑‑‑ A/C No. CC-38 1,03,92,334.31 77,91,135.31 CC-40 10,52,032.00 7,81,112.00 IBP (i) 63,36,020.00 3,80,500.00 Loan (ii) Penal interest @ 5% 1,78,61,336.31 1,37,80,507.31
9. In view of the above, preliminary decree in the sum of Rs.1,37,80,507.31 is granted in favour of the plaintiff against the defendants with interest at the rate of 2 % above the bank rate or at the agreed rate A whichever is higher. Penal interest at the rate of 5 % is also allowed over and above the rate already allowed on the loan amount presently outstanding at Rs.47,46,810 without any accumulative effect of compound interest.
10. The defendants arc given four months' time to adjust the decretal amount. In case of non‑payment the petitioner shall have the right to apply for final decree for the sale of the mortgaged properties. H.B.T./U‑43/L Order accordingly.