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VITAL CHEMICALS CORPORATION vs SILK BANK LIMITED Ss — 2022 CLD 320 LAHORE-HIGH-COURT-LAHORE

Case information

Citation
2022 CLD 320 LAHORE-HIGH-COURT-LAHORE
Court
Lahore High Court
Year
2022
Reporter
CLD
Parties
VITAL CHEMICALS CORPORATION vs SILK BANK LIMITED Ss
Subject matter
Criminal
Provisions referred to
Contract Act (IX of 1872)

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

VITAL CHEMICALS CORPORATION VS SILK BANK LIMITED Ss. 148 & 172---"Bailment" and "pledge"---Distinguished---Slight difference between bailment and pledge is that in the case of bailment deposit of goods is for a certain purpose to be returned after the purpose is accomplished but in case of pledge, goods are deposited as security to be kept till payment of debt is effected or a promise for which the goods were pledged is performed---Pledge is kind of bailment and security. Ss. 9, 10 & 22---Contract Act (IX of 1872), Ss. 148 & 172---Recovery of finance---Pledged goods---Protection, responsibility of---Appellants/judgment debtors availed finance facility from respondent Bank---Suit filed by Bank was decreed against appellants/judgment debtors---Pledged goods were seized by government authorities on the allegation that the goods were stored without proper registration---Plea raised by appellants/judgment debtors was that Bank could not recover financial facility until Bank had returned the stocks---Validity---Stocks were in possession of appellants/judgment debtors from where it was taken into custody by authorities---Such was duty of appellants/ judgment debtors to provide necessary details with relevant documents to the authorities in order to get back the custody of stocks---Appellants/judgment debtors failed to perform their duties therefore, they could not get benefit of their own wrongs---Banking Court had rightly decided such issue against appellants/judgment debtors, as there was no illegality, irregularity, mis-reading and non-reading of evidence while rendering such findings---Appeal was dismissed, in circumstances.

Other judgments reported in 2022 CLD

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