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Petitioner: UNITED BANK Ltd. VS Respondent: AMIR WEAVING FACTORY and others
Court Name: Lahore High Court Judge(s): Akhtar Hassan, Abaid Ullah Khan Title: UNITED BANK Ltd. vs AMIR WEAVING FACTORY and others Case No.: Regular First Appeal No. 34 of 1981 Date of Judgment:1986-11-04 Reported As: 1987 CLC 581 Result: Appeal accepted
JUDGMENT
JUDGMENT ' ABAID ULLAH KHAN J.-- The only grievance made by the learned counsel for the appellant, United Bank Limited, touching the impugned judgment and decree passed by the learned Special Judge (Banking), Rawalpindi, on the 27th November, 1980, relates to the absence of award of interest on the judgment debt from the date of decree till payment at the contracted rate of 12 per cent per annum as required by section 8(2) of the Banking Companies (Recovery of Loans) Ordinance, 1979. A perusal of the record discloses that the appellant had insisted upon the payment of interest when the impugned judgment was delivered. The learned Special Court (Banking) was obliged by section 8(2) of the Ordinate to make provision for the payment of interest in the decree passed by it. The drawback can be rectified by directing payment of interest. Accordingly the appeal is accepted to the extent that the respondents-judgment-debtors will pay interest on the decretal amount of Rs.3,68,924 at the rate of Rs.12 per cent per annum from the date of the decree till the realisation of the aforesaid amount. The interest due will be paid in monthly instalments of Rs.3,000 after the respondents have paid the principal amount. The appellant will bear its own costs of the appeal.