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Initializing Secure Chambers
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Initializing Secure Chambers
Petitioner: NATIONAL BANK OF PAKISTAN VS Respondent: SPECTRUM FISHERIES LTD. and 11 others
Court Name: Sindh High Court Judge(s): Amir Hani Muslim Title: NATIONAL BANK OF PAKISTAN vs SPECTRUM FISHERIES LTD. and 11 others Case No.:Suit No,B-8 and C.M.A. No,3857 of 2006 C.M.A. No,3857 of 2006 M.A. No,3857
of 2006 Date of Judgment:2008-11-14 Reported As: 2009 CLD 641 Result: Order accordingly Judgment ORDER ' AMIR HANI MUSLAM, J.---By consent the following order is passed:-- K.P.M.G, a Chartered Accountant Firm is appointed Commissioner to scrutinize the accounts of the parties. The plaintiff and the defendant No,1 shall provide the entire record pertaining to the loans to the Commissioner who will scrutinize the record to ascertain loans and payments made by the defendant No,1 including the mark up calculated on the said loans. The Commissioner/Chartered Accountant shall furnish a detailed report of accounts reflecting the outstanding amounts against the defendants Nos.1 to 9 as it is claimed by the learned counsel for defendants Nos.1 to 9 that the loans were disbursed, but the complete statement of accounts have not been filed. He further submits that the Bank has calculated compound markup, which the law does not permit. ' The learned counsel for the plaintiff on the other hand submits that the loans were disbursed at times, but not a single penny has been paid by the defendant No, 1. ' The Commissioner/Chartered Accountant will examine and scrutinize the account books and or record of the parties in the light of the above contention. The leave to defend application of the defendants Nos.1 to 9 is dismissed. ' The defendant No,10 has failed to file any application for leave to defend therefore, the matter shall proceed ex parte against defendant No,10. As far as defendants Nos.11 and 12 are concerned, no relief has been sought against them, though they are represented by Mr. Muhammad Rashid Khan and Ms. Sofia Saeed Shah, Advocates, who are also present in Court. ' The report of the Commissioner/Chartered Accountant shall reach this Court within one month from the date of communication of the order. The professional fee of the Commissioner is fixed at
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Rs,100,000 (Rupees one hundred thousand only) to be paid by the defendant No,1 directly to the Commissioner. To come up for further orders after the report has been filed by the Commissioner.