MESSRS M. A. NAWAZ & Co. (REGD.) AND 5 OTHERS vs NATIONAL BANK OF — 1970 SCMR 234

Citation: 1970 SCMR 234

Court: Supreme Court of Pakistan

Year: 1969

Decision Date: 1969-12-31

Parties: MESSRS M. A. NAWAZ & Co. (REGD.) AND 5 OTHERS vs NATIONAL BANK OF JUDGMENT

Headnotes

Case cited as 1970 SCMR 234

Judgment Text

Court Name: Supreme Court of Pakistan Judge(s): Sajjad Ahmad Jan, Muhammad Yaqub Ali Khan Title:MESSRS M. A. NAWAZ & Co. (REGD.) AND 5 OTHERS vs NATIONAL BANK OF JUDGMENT Reported As: 1970 SCMR 234 Result: Leave refused Judgment JUDGMENT SAJIAD AHMAD, J.-This petition arises out of a money suit brought by the respondent-Bank against the petitioners for recovery of Rs. 2,08,795.05 due from the latter on an over-draft account of the petitioners with the Bank against pledge of their factory building, goods and stocks which they were obliged to insure with an Insurance Company under the conditions of the loan. The factory building and the goods of the petitioners which were insured with the Muslim Insurance Company, caught fire and were destroyed. A claim was preferred against the company by the petitioners which was referred to arbitration under the arbitration clause in the insurance policy. The award has since been given but its legality and adequacy is the subject-matter of litigation in cross-cases between the insurance company and the petitioners. It is admitted that the Bank is not liable for the loss which has occurred to the petitioners on account of fire. It is therefore not concerned with the adjudication of the petitioners' claim against the insurance company in arbitration proceedings. No exception can be taken to the order made by the Courts below in dismissing the petitioners' prayer for stay of the proceedings in the suit brought by the respondent against the…

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