BANK ALFALAH LIMITED, LAHORE through Muhammad Rafiq and Syed Aqeel Abbas vs PUNJAB SMALL INDUSTRIES CORPORATIO

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BANK ALFALAH LIMITED, LAHORE through Muhammad Rafiq and Syed Aqeel Abbas VS PUNJAB SMALL INDUSTRIES CORPORATION Ss. 54 & 62---Civil Procedure Code (V of 1908), O.XXIII, R.1(3)---Suit for recovery of money---Reciprocal promises---Novation, recission and alteration---Performance of contact---Principle---Dispute was with regard to investment along with profit at market rate from date of maturity of Deposit Certificates---Trial Court decreed the suit in favour of respondent/plaintiff---Plea raised by appellant/Bank was that letter relied upon by respondent/plaintiff was not an offer rather it was a pre-contract and invitation to investment---Validity---When parties to a contract agreed to substitute a new contract in place of previous one, then performance of original contract was dispensed with---Where modified contract did not possess any independent contractual force then modified contract was read into the original contract except in so far the terms were inconsistence with the modifications---After compromise agreement, rules governing Profit and Loss Sharing Term Deposit were not applicable to the profit of 15% per annum on Deposit Certificates---No default of reciprocal obligations under the compromise agreement---Respondent/plaintiff was entitled for 15% profit regardless of terms given in Account Opening Form and certificates---Earlier suit filed by respondent/plaintiff was withdrawn without permission to file fresh suit, in that earlier suit, respondent/ plaintiff challenged various letters issued by appellant/Bank about revised rates, whereas subsequent suit was regarding recovery of profit amount, which was absolutely a different cause of action---Suit was not hit by O.XXIII, R.1(3), C.P.C.---Issues for which onus to prove was on appellant/Bank and no evidence was produced by appellant/Bank to support such issues, the same were lawfully decided by Trial Court against appellant/Bank---High Court declined to interfere in judgment and decree passed by Trial Court---Appeal was dismissed accordingly.

BANK ALFALAH LIMITED, LAHORE through Muhammad Rafiq and Syed Aqeel Abbas vs PUNJAB SMALL INDUSTRIES CORPORATION Ss — 2023 PLD 61 LAHORE-HIGH-COURT-LAHORE

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