INDUSTRIAL DEVELOPMENT BANK OF PAKISTAN vs BLOSSOM TOWEL INDUSTRIES (PVT — 2022 CLD 143 ISLAMABAD

Case information

Citation: 2022 CLD 143 ISLAMABAD
Court: Islamabad High Court
Year: 2022
Reporter: CLD
Parties: INDUSTRIAL DEVELOPMENT BANK OF PAKISTAN vs BLOSSOM TOWEL INDUSTRIES (PVT
Subject matter: Civil
Provisions referred to: S. 19---E

Fields are extracted from the reported citation and judgment text. Where a detail is not stated in the record, it is not shown.

Judgment text as reported

INDUSTRIAL DEVELOPMENT BANK OF PAKISTAN VS BLOSSOM TOWEL INDUSTRIES (PVT.) LTD. S. 19---Execution of decree---Cost of funds, recovery of---Dispute between the parties was with regard to payment of cost of funds for the period beyond the date when they were required to pay amount under the terms of settlement contained in letter of appellant/decree holder Bank---Validity---State Bank of Pakistan had notified rates of cost of funds from time to time but cost of funds demanded by appellant/decree holder Bank at the rate of 12% per annum with effect from 18-10-2007 had contractual force as was apparent from letters of parties---Respondents/judgment debtors were to have raised objection to the condition on which extension in time had been granted to them by appellant/decree holder bank at the stage when letter was sent to respondents/judgment debtors, who did not object to the condition rather acquiesced and accepted the same---Executing Court committed illegality by ignoring the condition on which extension in time for payment of remaining principal amount was granted to respondents/judgment debtors by appellant/decree holder Bank through its letter---High Court directed that respondents/judgment debtors to pay cost of funds for delayed period at the rate of 12% per annum under the terms of agreement and order passed by Executing Court was set aside---Appeal was allowed accordingly.

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