Debtor vs NOT Case No — 1976 PLD 1049

Citation: 1976 PLD 1049

Court: Sindh High Court

Year: 1969

Decision Date: 1969-11-26

Parties: In Re : Syed SARWARUDDIN vs NOT

Headnotes

Result: Insolvents discharged unconditionally JUDGMENT JUDGMENT ' Syed Sarwaruddin migrated to Karachi in 1949 and worked as a. Tailor in a tailoring shop for a few days.

Judgment Text

Court Name: Sindh High Court Judge(s): Durab Patel Title: In Re : Syed SARWARUDDIN vs NOT Case No.: Case No. 3 of 1 Date of Judgment:1969-11-26 Reported As: PLD 1976 Karachi 1049 Result: order suspend JUDGMENT JUDGMENT Syed Sarwaruddin migrated to Karachi in 1949 and worked as a tailor in a tailoring shop for a few days. He then started his own tailoring: business in a cabin. In 1957 he entered into the ready-made garments business which he carried on with his tailoring business. He invested Rs. 4,500 in this ready made garments business, which he carried on in the name of Azeem Garments. In 1959 he entered into a partnership with his father-in-law, Abdul Rashid Khan. For the running of Azeem Garments. Both the partners invested a sum of Rs. 4,000 and shared equally the profits and losses. They took a factory on a lease in the Fatima Jinnah Colony,. Karachi. But as the business prospered, they purchased the factory by a registered sale deed on 8th March, 1963. Meanwhile, as their business was, prospering, they bad opened a bank account with the National Bank of Pakistan and had taken an overdraft from the said Bank against hypothe--cation of their stocks. Later they also opened an account with the Standard Bank and obtained a loan from it which was guaranteed by a friend. Finally in 1962, they took a loan from the Industrial Development Bank of Pakistan for the purchase of imported cutting machines and machines for making Collars, which was secured by a mortgage of their…

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