2009 PLP 641 (CLD)
NATIONAL BANK OF PAKISTAN — Plaintiff Versus SPECTRUM FISHERIES LTD. and 11 others — Defendants
| Citation | 2009 PLP 641 (CLD) |
| Forum / Court | Karachi |
| Bench Members | N/A |
| Parties | NATIONAL BANK OF PAKISTAN — Plaintiff Versus SPECTRUM FISHERIES LTD. and 11 others — Defendants |
| Primary Law | Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001) |
Q1: What are the key laws and sections cited in 2009 PLP 641 (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 2009 PLP 641 (CLD)?
The case was heard and decided by the Karachi bench comprising: N/A.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 2009 PLP 641 (CLD) (NATIONAL BANK OF PAKISTAN — Plaintiff Versus SPECTRUM FISHERIES LTD. and 11 others — Defendants). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Representation
- The defendant No.10 has failed to file any application for leave to defend therefore, the matter shall proceed ex parte against defendant No.10. As far as defendants Nos.11 and 12 are concerned, no relief has been sought against them, though they are represented by Mr. Muhammad Rashid Khan and Ms. Sofia Saeed Shah, Advocates, who are also present in Court.
Headnotes / Summary
Ss. 9 & 10
Chartered Accountant Finn was appointed as Commissioner to scrutinize the accounts of the parties
Plaintiff Bank and defendant company, would provide the entire record pertaining to the loans to said Commissioner who would scrutinize the record to ascertain loans and payments made by defendant company including the mark-up calculated on the said loans
Said Commissioner would furnish a detailed report of accounts reflecting the outstanding amounts against the defendants as it was claimed by the counsel of the defendants that loans were disbursed, but the complete statement of accounts had not been filed
Defendants had further submitted that the plaintiff Bank had calculated compound mark-up, which the law did not permit
Counsel for the plaintiff on the other hand had submitted that the loans were disbursed at time, but not a single penny had been paid by the defendant company
Commissioner would examine and scrutinize the account books and/or record of the parties in the light of said contentions
Application for leave to defend was dismissed.
Judgment & Decree
AMIR HANI MUSLIM, J.
By consent the following order is passed:-- K.P.M.G, a Chartered Accountant Firm is appointed Commissioner to scrutinize the accounts of the parties. The plaintiff and the defendant No.1 shall provide the entire record pertaining to the loans to the Commissioner who will scrutinize the record to ascertain loans and payments made by the defendant No.1 including the mark up calculated on the said loans. The Commissioner/Chartered Accountant shall furnish a detailed report of accounts reflecting the outstanding amounts against the defendants Nos. 1 to 9 as it is claimed by the learned counsel for defendants Nos.1 to 9 that the loans were disbursed, but the complete statement of accounts have not been filed. He further submits that the Bank has calculated compound mark up, which the law does not permit. The learned counsel for the plaintiff on the other hand submits that the loans were disbursed at times, but not a single penny has been paid by the defendant No.1. The Commissioner/Chartered Accountant will examine and scrutinize the account books and or record of the parties in the light of the above contention. The leave to defend application of the defendants Nos. 1 to 9 is dismissed. The defendant No.10 has failed to file any application for leave to defend therefore, the matter shall proceed ex parte against defendant No.10. As far as defendants Nos.11 and 12 are concerned, no relief has been sought against them, though they are represented by Mr. Muhammad Rashid Khan and Ms. Sofia Saeed Shah, Advocates, who are also present in Court. The report of the Commissioner/Chartered Accountant shall reach this Court within one month from the date of communication of the order. The professional fee of the Commissioner is fixed at Rs.100,000 (Rupees one hundred thousand only) to be paid by the defendant No.1 directly to the Commissioner. To come up for further orders after the report has been filed by the Commissioner. H.B.T./N-5/K????????????????????????????????????????????????????????????????????????????????????? Order accordingly.