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SILK BANK LIMITED vs HASEEB WAQAS SUGAR MILLS LIMITED Ss — 2024 CLD 278 LAHORE-HIGH-COURT-LAHORE

Case information

Citation
2024 CLD 278 LAHORE-HIGH-COURT-LAHORE
Court
Lahore High Court
Year
2024
Reporter
CLD
Parties
SILK BANK LIMITED vs HASEEB WAQAS SUGAR MILLS LIMITED Ss
Subject matter
Civil
Provisions referred to
S. 3; S. 17

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

SILK BANK LIMITED VS HASEEB WAQAS SUGAR MILLS LIMITED Ss. 3, 9, 10 & 17---Suit for recovery of finance with cost of funds---Pre-mature cause of action---Effect---Defendant company availed facility from plaintiff-bank which was restructured on a number of occasions on account of default by defendant company---Defendant company defaulted the facility under Finance Rescheduling Agreement which matured during pendency of the suit---Plaint was supported by all necessary finance and security documents and was also accompanied with certified statement of accounts---Not a single instalment either with respect to principal or mark-up component was paid under Finance Rescheduling Agreement---Effect---Question to determine amount due in terms of any payment made by defendant company did not arise---Principal and mark-up components under the last Finance Restructuring Agreement were Rs. 390,000,000/- and Rs. 35,792,917.81/-, respectively, the sum total of which amounted to Rs. 425,792,917.81/- as on 21-02-2019---Nothing was paid thereafter against the amount due---High Court deducted amount of fine imposed on the plaintiff-bank, whereafter the amount had come to Rs. 420,792,917.81---High Court denied additional amount of claimed mark-up and allowed cost of funds from the date of default under S. 3 read with S. 17 of Financial Institutions (Recovery of Finances) Ordinance, 2001---Suit was decreed accordingly.

Other judgments reported in 2024 CLD

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