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Initializing Secure Chambers
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Initializing Secure Chambers
Citation: 1962 PLD 271
Court: Sindh High Court
Year: 1970
Decision Date: 1970-01-13
Parties: THE BANK OF BAHAWALPUR LTD., KARACHI vs SIDDIQ TEXTILES LTD. AND Other
Case cited as PLD 1962 Kar. 271
Court Name: Sindh High Court Judge(s): Durab Patel Title: THE BANK OF BAHAWALPUR LTD., KARACHI vs SIDDIQ TEXTILES LTD. AND Other Case No.: Suit No. 153 of 1964 Date of Judgment:1970-01-13 Reported As: PLD 1970 Karachi 643 Result: N/A JUDGMENT JUDGMENT According to the plaint, the plaintiff had advanced a loan of Rs. 5 lakhs with interest at 7 % per annum with monthly rests to defendant No. 1, and in order to secure the repayment of this loan, the plaintiff had obtained from the said defendant a mortgage of land situated in Lyallpur, particulars of which have been set out in para. 2 of the plaint. As collateral security for this loan, the second defendant had executed a letter of guarantee in favour of the plaintiff on the same day (14-2-1963) guaranteeing the repayment of the said loan, whilst the first defendant had executed a promissory note in favour of the plaintiff on 22-3-1962 for the loan amount. The loan had to be repaid by 20th February 1964. But as it was not being repaid, the defendants Nos. 3 to 9 had executed further letters of guarantee in the plaintiff's favour guaranteeing the repayment of the loan with interest. When the extended period of the loan expired, the plaintiff called upon the defendants to repay its loan with interest, but, as they failed so to do, in the events that happened, it filed a suit against them on 29th October 1964 for the recovery of the amount due to it. The amount due as on 30-9- 1964 was Rs. 54,44,140.76 and the plaintiff has…
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