PAK LAW GPT — Pakistan Case Law AI justice scale emblemPAK LAW GPTCase law · Urdu & English

M.L. TRADERS vs HABIB BANK LIMITED Ss — 2024 CLD 1137 LAHORE-HIGH-COURT-LAHORE

Case information

Citation
2024 CLD 1137 LAHORE-HIGH-COURT-LAHORE
Court
Lahore High Court
Year
2024
Reporter
CLD
Parties
M.L. TRADERS vs HABIB BANK LIMITED Ss
Subject matter
Civil

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

M.L. TRADERS VS HABIB BANK LIMITED Ss. 9 & 22---Uniform Customs and Practice for Documentary Credits 500 (1993 Revision), Art. 23---Finance facility, recovery of---Letter of Credit---Goods damaged---Liability of insurance company---Determination---Novation, principle of---Applicability---Suit filed by respondent / bank was decreed against appellants / customers to recover finance facility advanced in terms of Letter of Credit---Appellants / customers claimed that goods were damaged as a consequence of alleged transshipment---Validity---Goods in question were insured and there was a role and responsibility of Insurance company, in the facts and circumstances encountered---Such aspect was not considered by Banking Court---Respondent / bank alleged that credit facility upon payment was transformed into PAD (Payment Against Documents) facility and eventually converted into FIM (Finance Against Imported Merchandize) facility---Whether cause of action was rested on the Credit arrangement or FIM facility, which triggered another moot question that whether doctrine of novation was attracted and what was the cause and effect of novation, if it actually happened---High Court declined to examine judgment of Banking Court in the context of incomplete, bald and inconclusive adjudication---Judgment and decree passed by Banking Court did not constitute a valid, fair and proper adjudication of all-inclusive issues / questions, and the judgment dealt with the partial issues superficially---High Court declared judgment passed by Banking Court ineffective and illegal as the questions raised and left unattended had jettisoned its lawful existence---High Court remanded the matter to Banking Court for decision afresh---Appeal was allowed accordingly.

Other judgments reported in 2024 CLD

Back to the case-law library · Search Pakistani case law in Urdu or English