2011 PLP 1812 (CLD)
THE BANK OF PUNJAB — Plaintiff Versus NINA INDUSTRIES LIMITED and 5 others — Defendants
| Citation | 2011 PLP 1812 (CLD) |
| Forum / Court | Karachi |
| Bench Members | N/A |
| Parties | THE BANK OF PUNJAB — Plaintiff Versus NINA INDUSTRIES LIMITED and 5 others — Defendants |
| Primary Law | Financial Institutions (Recovery of Finances) Ordinance (LXVI of 2001) |
Q1: What are the key laws and sections cited in 2011 PLP 1812 (CLD)?
This judgment primarily cites: Financial Institutions (Recovery of Finances) Ordinance (LXVI of 2001) as referenced in Pakistani case law index.
Q2: Which judicial bench decided the case 2011 PLP 1812 (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: 2011 PLP 1812 (CLD) (THE BANK OF PUNJAB — Plaintiff Versus NINA INDUSTRIES LIMITED and 5 others — Defendants). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Headnotes / Summary
S. 9
Civil Procedure Code (V of 1908), S. 75(c)
Financial liability
Local commissioner, appointment of
Bank filed suit against defendant for recovery of finance facility availed
Both the parties agreed to get the accounts scrutinized by Chartered Accountant
Effect
High Court with the consent of parties appointed a Chartered Accountant's firm as Commissioner to scrutinize accounts of parties
High Court directed the parties to provide entire record pertaining to the finance/loan to the Commissioner who would scrutinize the record to ascertain quantum of finance and payments made by defendant, including mark up calculated on the finance in pursuance to finance agreement
High Court directed the Commissioner/ Chartered Accountants firm to furnish detailed report of accounts
Application was allowed accordingly.
Judgment & Decree
MUHAMMAD TASNIM, J.
After hearing the learned counsel for both the parties on C.M.A. No.11223 of 2009, parties have agreed for following orders: By consent K.P.M.G. Chartered Accountant Firm is appointed Commissioner to scrutinize the accounts of the parties. The plaintiff and defendant No.1 shall provide the entire record pertaining to the Finance/Loan to the commissioner who will scrutinize the record to ascertain the quantum of Finance and payments made by the, defendant No.1 including the mark-up calculated on the said finance in pursuance to agreement dated 1-10-2007, the Commissioner/Chartered Accountant Firm shall furnish the detailed report of accounts reflecting the outstanding amount against the defendants Nos. 1 to
6. The Commissioner/Chartered Accountant will examine and scrutinize the accounts books and record of the parties in the light of above contention. Leave to defend application of defendant is dismissed. The Commissioner shall submit his report within one month time from receipt of this order. The fee of the Commissioner for the above professional services is fixed at Rs.1,00,000 (One hundred thousand) which shall be paid by the plaintiff bank directly to the commissioner. The matter shall be placed in court for further orders once the commissioner report is received. It is clarified that on receipt of commissioner report by this Court parties will be free to file objections, if any, to such commissioner report. If desired, the representative of KPMG or author of the report shall be summoned in Court for cross-examination if request to this effect is made and the same is allowed. Office is directed to communicate copy of this order to the Commissioner/Chartered Accountant Firm. M.H./B-15/K Order accordingly.