SUMMIT BANK LIMITED vs OTO PAKISTAN (PVT — 2023 CLD 715 LAHORE-HIGH-COURT-LAHORE

Case information

Citation: 2023 CLD 715 LAHORE-HIGH-COURT-LAHORE
Court: Lahore High Court
Year: 2023
Reporter: CLD
Parties: SUMMIT BANK LIMITED vs OTO PAKISTAN (PVT
Subject matter: Civil
Provisions referred to: S. 3

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

SUMMIT BANK LIMITED VS OTO PAKISTAN (PVT.) LTD. Ss. 9 & 10---Suit for recovery of finances---Petition for leave to defend---Markup beyond the expiry period of agreement---Scope---Plaintiff filed a suit for recovery of certain amount outstanding in respect of finance facilities availed by the defendant company---Validity---Defendant company, its directors and guarantor had admitted availing of the finance facilities---Contention of defendants regarding claim of markup made in the plaint by the bank had considerable force---With regard to the Letter of Credit facility, markup had been claimed---On the contrary, no such claim was raised in the plaint---What was due to the plaintiff was an amount of commission, which was fixed as flat 0.20% per quarter (LC pending only)---There was no basis for claiming an amount of markup on the facility of letter of credit---With respect to other finance facilities, any amount charged beyond the date of expiry of agreement was unlawful---No other issue was raised by the defendants which entitled them to the grant of leave to appeal---Application for leave to defend was dismissed---Suit was decreed against the defendant company, its directors and guarantor jointly and severally for a certain amount with costs of funds in terms of S. 3 of the Financial Institutions (Recovery of Finances) Ordinance, 2001.

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