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Initializing Secure Chambers
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Initializing Secure Chambers
Citation: 1971 PLD 465
Court: Sindh High Court
Year: 1970
Decision Date: 1970-12-31
Parties: NATIONAL BANK OF PAKISTAN, KARACHI vs THE OFFICIAL ASSIGNEE OF JUDGMENT
Case cited as PLD 1971 Karachi 465
Court Name: Sindh High Court Judge(s): Muhammad Haleem, Ghulam Rasool K. Shaikh Title:NATIONAL BANK OF PAKISTAN, KARACHI vs THE OFFICIAL ASSIGNEE OF JUDGMENT Reported As: PLD 1971 Karachi 465 Result: Appeal dismissed Judgment JUDGMENT GHULAM RASUL K. SHAIKH, J.--This L. P. appeal arises out of the insolvency petition. The impugned order is dated 11-11-68 passed by the learned Single Judge. A firm known as Aziz Carpets having its partners Sarwardin and Abdul Rashid Khan incurred large debts. There were in all 17 creditors including banks. The firm owed Rs, 18,126.57, Rs, 9,109 and Rs, 16,000 to the Standard Bank, Industrial Development Bank and National Bank respondent respectively. Since the debts could not be discharged an insolvency petition was filed on 19th April 1967 and the adjudication was made on 27th April 1967. On 20th February 1967 a sum of Rs, 400 was deposited by the firm in the National Bank of Pakistan. The Official Assignee having taken possession and control of the firm made an application under sections 7 and 56 of the Insolvency (Karachi Division and Dacca) Act for a direction to the bank to pay the amount to him on the ground that the amount paid to the National Bank amounted to a preference shown by the insolvent over other creditors. The matter came up before the learned Single Judge who agreed with the contention raised by the Official Assignee and ordered the bank to return the amount to the Official Assignee. It is against this order that the…
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