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Petitioner: SONERI BANK LTD. VS Respondent: DEWAN SUGAR MILLS LTD.Honorable Justice Maqbool BaqarQutabuddin Saim and Jam Asif Mahmood,M. Saleem Thepdawala
2010 C L D 151
2010 C L D 151
[Karachi]
Before Maqbool Baqar, J
SONERI BANK LTD.---Plaintiff
Versus
DEWAN SUGAR MILLS LTD.---Defendant
Suit No.B-80 and C.M.A. No.5432 of 2009, decided on 3rd September, 2009.
Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)---
----Ss.9 & 15---Suit for recovery of loan---Sale of pledged goods---Application for---Plaintiff/Bank had sought an order for sale of the sugar pledged by the defendant with the plaintiff in respect of suit transaction---On application of the plaintiff-Bank for sale of sugar pledged by the defendant with the plaintiff, mechanism for such sale would be that the defendant would place before the Official Assignee the offer that he could procure-from the market for the sale of the stock or part thereof-Official assignee after verifying such. offer was to be fair and reasonable and issue delivery order upon deposit of the price offered with the Nazir of the High Court---Fate of such sale proceeds would be decided later---Defendant would commence the exercise forthwith so that the entire stock could be sold within a period of three months---Plaintiff--Bank would also be at liberty to procure and submit the purchase offers.
Qutabuddin Saim and Jam Asif Mahmood for Plaintiff.
M. Saleem Thepdawala for Defendant.
ORDER
MAQBOOL BAQAR, J.---Through this application, the plaintiff-Bank has sought an order for sale of the sugar pledged by the defendant No.1 with the plaintiff in respect of the suit transaction.
Mr. M. Saleem Thepdawala submits that the defendant are making every endeavour to repay the plaintiffs dues and have in fact till now repaid Rs.210 million to the plaintiff-Bank. He submits that the defendant have absolutely no objection to the sale of the pledged sugar, however, the Sales Tax Department has placed an embargo on the sale of the pledged sugar on the ground that some amount towards sales tax in respect of the previous sale is outstanding against defendant No.1.
In view of the above, I find it appropriate to order sale of the stock sugar and the mechanism for such sale would be that the defendant No.1 shall place before the Official Assignee the offer that he may procure from the market for the sale of the stock or part thereof. The Official Assignee shall, after verifying that such offer is fair and reasonable issue delivery order upon deposit of the price offered with the Nazir of this Court. The fate of such sale proceeds shall be decided later. The Defendant No.1 shall commence the exercise forthwith so that the entire stock weighing 9502 M.T. may be sold within a period of three months. The plaintiff bank shall also be at liberty to recover and submit the purchase offers. The application stands disposed of. Copies of this order be forthwith sent to:--
(1) The Deputy Collection Regional Tax Office (Sales Tax and Federal Exercise Wing), Government of Pakistan, A/49, S.I.T.E. Area, Hyderabad.
(2) Food Department, Government of Sindh.
(3) Food and Agricultural Department, Government of Pakistan.
(4) Trading Corporation of Pakistan.
H.B.T./S-126/K Order accordingly.