MUSLIM COMMERCIAL BANK LIMITED vs CITY STEEL INDUSTRIES LAHORE Ss — 2023 CLD 235 LAHORE-HIGH-COURT-LAHORE

Case information

Citation: 2023 CLD 235 LAHORE-HIGH-COURT-LAHORE
Court: Lahore High Court
Year: 2023
Reporter: CLD
Parties: MUSLIM COMMERCIAL BANK LIMITED vs CITY STEEL INDUSTRIES LAHORE Ss
Subject matter: Civil
Provisions referred to: S. 19

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

MUSLIM COMMERCIAL BANK LIMITED VS CITY STEEL INDUSTRIES LAHORE Ss. 9, 10 & 19---Suit for recovery of Bank loan---Leave to appear and defend the suit---Bank not returning pledged stock of borrows---Scope---Defendants/borrowers sought leave to appear and defend the suit on the plea that pledged stock was in the custody of plaintiff/Bank therefore, it could not seek recovery unless pledged stock was returned---Validity---Matter relating to shortfall in pledged stocks would be determined in execution proceedings when collateral securities were required to be sold---Such was not a ground of defence for grant of leave to defend the suit---Claim of plaintiff/Bank in the suit was substantiated by documents and statement of accounts---Defendants/borrowers were not able to raise any substantial question of law or fact requiring recording of evidence for its resolution---High Court declined to grant leave to appear and defend and decreed the suit in favour of plaintiff/Bank---High Court converted proceedings into execution proceedings under S. 19 of Financial Institutions (Recovery of Finances) Ordinance, 2001---Suit was decreed accordingly.

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