2005 PLP 1588 (CLD)
AGRICULTURAL DEVELOPMENT BANK OF PAKISTAN — Appellant Versus NADIR alias NADIR ALI and 2 others — Respondents
| Citation | 2005 PLP 1588 (CLD) |
| Forum / Court | Lahore |
| Bench Members | N/A |
| Parties | AGRICULTURAL DEVELOPMENT BANK OF PAKISTAN — Appellant Versus NADIR alias NADIR ALI and 2 others — Respondents |
| Primary Law | Financial Institutions (Recovery of Finances) Ordinance (XL VI of 2001) |
Q1: What are the key laws and sections cited in 2005 PLP 1588 (CLD)?
This judgment primarily cites: Financial Institutions (Recovery of Finances) Ordinance (XL VI of 2001) as referenced in Pakistani case law index.
Q2: Which judicial bench decided the case 2005 PLP 1588 (CLD)?
The case was heard and decided by the Lahore bench comprising: N/A.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 2005 PLP 1588 (CLD) (AGRICULTURAL DEVELOPMENT BANK OF PAKISTAN — Appellant Versus NADIR alias NADIR ALI and 2 others — Respondents). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Representation
- Nemo for Respondent.
Headnotes / Summary
Ss. 9 & 22
Suit for recovery of Rs. 1, 79, 200 and for liquidated damages at the rate of 20% instituted by Bank was disposed of by Banking Tribunal in view of adjustment having already been made under Prime Minister Package Scheme
Appellant-Bank had contended that claim for liquidated damages had illegally been declined by Banking Tribunal
As against a sum of Rs.1,10,000, which had been availed by respondents as loan, a sum of Rs.1,17,625 had been deposited by them
Taking the view that Prime Minister's Package was attracted and covered the situation, the rest of the claims made by appellant-Bank were declined by Banking Tribunal
No illegality had been committed by Banking Tribunal in that regard.
Judgment & Decree
SYED ZAHID HUSSAIN, J.
A suit for the recovery of Rs.1,79,200 and for liquidated damages at the rate of 20% instituted by the appellant-Bank was disposed of by the learned Chairman Banking Tribunal, Faisalabad on 30-3-1995 in view of the adjustment having already been made under the Prime Minister Package Scheme.
2. The learned counsel for the appellant contends that claim for the liquidated damages, has illegally been declined by the Banking Tribunal.
3. We have considered the record and are of the view that as against a sum of Rs.1,10,000, which had been availed by the respondents as loan, a sum of Rs.1,17,625 had been deposited by them. Taking the view that the Prime Minister's Package was attracted and covered the situation, the rest of the claims made by the appellant-Bank were declined by the learned Banking Tribunal. We find no illegality having been committed by him in this regard. So far as the claim for liquidated damages is concerned the rule is well-settled by now through the precedents such as; Habib Bank Ltd. v. Messrs Farooq Compost Fertilizer Corporation Ltd. and 4 others 1993 MLD 1571; Allied Bank of Pakistan Limited Faisalabad v. Messrs Asisha Garments through Proprietor . and 2 others 2001 MLD 1955; Saudi-Pak Industrial and Agricultural Investment Company (Pvt.) Limited, Islamabad v. Mohib Textile Mills Limited Lahore and 3 others 2002 CLD 1170 and National Development Finance Corporation v. Messrs Millrock Quarring (Pvt.) Ltd. and 7 others 2002 CLD 1382. In view of the above, we do not find that any illegality was committed by the learned Banking Tribunal in the case. The appeal, therefore, is bereft of any merit. It is dismissed. No order as to costs. H.B.T./A-778/L Appeal dismissed.