MCB BANK LIMITED vs TARIQ AHMED KHAN LODHI S — 2023 CLD 627 ISLAMABAD

Case information

Citation: 2023 CLD 627 ISLAMABAD
Court: Islamabad High Court
Year: 2023
Reporter: CLD
Parties: MCB BANK LIMITED vs TARIQ AHMED KHAN LODHI S
Subject matter: Civil
Provisions referred to: S. 22---C; S. 141---C; S. 141; Contract Act (IX of 1872); Civil Procedure Code (V of 1908); Contract Act

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

MCB BANK LIMITED VS TARIQ AHMED KHAN LODHI S. 22---Contract Act (IX of 1872), S. 141---Civil Procedure Code (V of 1908), O. VII, R. 11---Suit for recovery of finance---Rejection of plaint---Surety, liability of---Plaintiff/Bank was aggrieved of rejection of its plaint by Banking Court---Validity---Provision of S. 141 of Contract Act, 1872 had no implication as an entitlement was given to the surety to the benefit of every security which the creditor had against principal debtor at the time when contract of suretyship was entered into---Surety was discharged to the extent of value of security---Appellant/Bank did not try to make recoveries from the company as it was one of the petitioners in liquidation petition---Liability of directors who executed memoranda of deposit of title deeds would stand reduced to the extent of the amount recovered by appellant/Bank in the liquidation proceedings from the total amount of company owed to appellant/Bank---Directors of the company who executed memoranda of deposit of title deeds could not be totally absolved from their liability simply on the ground that the appellant/Bank/creditor was able to recover its debt partially in liquidation proceedings or that the liquidation Court had ordered that the decree obtained by the creditor could not be executed against assets of the company---Such partial recovery did not put at naught liability of directors who had executed memoranda of deposit of title deeds for securing repayment of company's debt to appellant/Bank---High Court set aside order passed by Banking Court and remanded the matter for decision afresh---Appeal was allowed accordingly.

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