FAISAL BANK LIMITED vs DOST STEELS LIMITED O — 2026 CLD 70 KARACHI-HIGH-COURT-SINDH

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FAISAL BANK LIMITED VS DOST STEELS LIMITED O.XXIII, R.3---Compromise decree---'Master settlement agreement' between the banks and company---Suits decreed by consent---The plaintiff banks and defendant No.1 (the "Company") jointly filed compromise applications in two connected suits under Order XXIII Rule 3, C.P.C., stating that they had amicably settled their dispute through a Master Settlement Agreement and hence sought acompromise decree on the basis of the same---Validity---According to defendants 2 and 3, their earlier guarantees stood discharged the moment Master Settlement Agreement was executed by the banks---Counsel for defendants 2 and 3 had no objection to the grant of the compromise decree application in hand if it was allowed without prejudice to the rights of said defendants to agitate their plea qua discharge of their earlier guarantees and the said defendants could avail their remedies in accordance with law before the Company Bench---To this, counsel for the plaintiffs had no objection---Defendants 4 and 5 also had no objection to the grant of the compromise decree application in hand, if it was allowed without prejudice to the rights of the said defendants to agitate their factual and legal arguments at the time of hearing of their respective Leave-to-defend application---To this also, counsel for the plaintiffs had no objection---With respect to the hearing of Leave-to-defend applications filed by the defendants 2 to 5, the suits were adjourned sine die---Compromise application which was jointly filed by the plaintiffs and defendant No.1, and was also duly signed by the parties and their respective counsel, was therefore allowed, and the suit was decreed by consent against defendant No.1 on the terms mentioned in the listed compromise applications---Applications were allowed.

FAISAL BANK LIMITED vs DOST STEELS LIMITED O — 2026 CLD 70 KARACHI-HIGH-COURT-SINDH

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