MENA ENERGY DMCC vs HASCOL PETROLEUM LIMITED Ss — 2022 PLD 388 KARACHI-HIGH-COURT-SINDH

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

MENA ENERGY DMCC VS HASCOL PETROLEUM LIMITED Ss. 13, 44-a, O. XXI, Rr. 46 (2) & 54 (2)---Foreign Exchange Regulation act (VII of 1947), S.5---Execution of foreign decree---Objections---Money decree or settlement in Court---Determination---Permission of State Bank of Pakistan---Judgment debtor resisted execution of foreign decree on the plea that foreign judgment was not a money decree and was in fact a Settlement agreement between parties---Validity---Foreign decree did not require payment to be made as per Settlement agreement but it was a money decree---Execution was brought to enforce money decree and not Settlement agreement---Commitment of Judgment Debtor under Settlement agreement that it would obtain State Bank of Pakistan approval, was no impediment to Execution of foreign decree---Provisions of Foreign Exchange Regulation act, 1947 were not ignored by foreign decree but only that Decree Holder was left to law that was applicable to enforce the decree---When there was no amount available for remitting to Decree Holder abroad, provisions of S. 5 of Foreign Exchange Regulation act, 1947 were to be triggered---Recovery of amount was sought by attachment and sale of local assets of Judgment Debtor, which proceeds, if any, were to materialize in Pakistani Rupee with Executing Court---Decree Holder to obtain approvals required under Foreign Exchange Regulation act, 1947 read with Protection of Economic Reforms act, 1992 for converting and transferring that money abroad---Foreign decree was conclusive between parties within the meaning of S. 13, C.P.C. and was executable under S. 44-a, C.P.C.---High Court dismissed objections of Judgment Debtor---High Court directed that order of attachment of movables assets of Judgment Debtor would be transmitted to companies and Banks concerned as per O.XXI, R. 46(2), C.P.C.---High Court directed those companies and Banks to report compliance to High Court---High Court further directed relevant compliance of O.XXI, R. 54(2), C.P.C., and attachment order of immovable properties was to be communicated to concerned authorities---Execution application was allowed, in circumstances.

MENA ENERGY DMCC vs HASCOL PETROLEUM LIMITED Ss — 2022 PLD 388 KARACHI-HIGH-COURT-SINDH

Case information

Judgment text as reported

Other judgments reported in 2022 PLD