Leased assets
Leased assets legal meaning, translation and judicial precedents.
Meaning & Judicial Interpretation: (اردو مفہوم اور قانونی تشریح)
Plea raised by judgment debtor was that leased assets constituted prime security and same were lost due to acts of omission and commission by financial institution, therefore, decretal amount stood discharged
Validity
Leased assets did not constitute a security and judgment debtor was not discharged under S. 141 of Contract Act, 1872 owing to mere inaction of financial institution
No evidence was available on record that leased assets had actually been lost, destroyed or misappropriated
Execution proceedings were previously adjourned sine die and Executing Court resurrected them without notice to judgment debtor
Judgment debtor was entitled to notice but objection was merely technical as he had already joined proceedings and was duly represented before Executing Court
No prejudice was caused to the judgment debtor due to non-issuance of notice
High Court declined to interfere in the execution proceedings
Appeal was dismissed in circumstances.
"Leased assets", Pakistan Law Portal, available at: https://paklawportal.com/words-terms-maxims/124963508
Precedents & Case Laws citing "Leased assets"
2020 P T D 153
COMMISSIONER OF INCOME TAX Versus GRAYS LEASING LTD., LAHORE
Court: Lahore High Court1999 P T D (Trib
N/A
Court: Income-tax Appellate Tribunal Pakistan2003 C L D 1729
TECHNO POWERGEN (PVT.) LTD and others‑‑‑Appellants Versus AL‑ZAMIN LEASING MODARABA MANAGEMENT (PVT.) LTD. and another‑‑‑Respondents
Court: Karachi2011 C L D 1711
SAJJAD GONDAL — Appellant Versus ORIX LEASING PAKISTAN LIMITED and 2 others — Respondents
Court: Karachi2016 C L D 82
HOMEPACK FREIGHT INTERNATIONAL through Proprietor and another — Appellants Versus SAUDI PAK LEASING COMPANY LTD. — Respondent
Court: Sindh2017 C L D 1752
TAHIR RIZWAN — Appellant Versus FIRST PUNJAB MODARABA through Branch Manager and 3 others — Respondents
Court: Lahore2008 C L D 1252
TARIQ RAFIQUE SHEIKH — Appellant Versus CITI BANK N.A. through Authorized Attorney — Respondent
Court: Lahore2009 P T D (Trib
N/A
Court: Income-tax Appellate Tribunal Pakistan2013 C L D 854
CRESCENT LEASING CORPORATION LIMITED through Constituted Attorney — Appellant Versus Messrs SARHAD GOODS TRANSPORT COMPANY and 3 others — Respondents
Court: Sindh2001 P T D 682
COMMISSIONER OF INCOME-TAX Versus Messrs FAYSAL ISLAMIC BANK OF BAHRAIN, KARACHI
Court: Karachi High Court