Al Wakeelo
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Initializing Secure Chambers
Your Digital Lawyer, Always on Duty
Initializing Secure Chambers
Petitioner: NATIONAL BANK OF PAKISTAN through General Attorney VS Respondent: Messrs MUBARAK TEXTILE MILLS LTD. through Managing Director/Chief Executive and 7 others
Court Name: Lahore High Court Judge(s): Maulvi Anwar-ul-Haq Title:NATIONAL BANK OF PAKISTAN through General Attorney vs Messrs MUBARAK
TEXTILE MILLS LTD. through Managing Director/Chief Executive and 7 others Case No.: C.O.S. No,11 of 2000 and C.M. No,1518 of 2004 Date of Judgment:2004-12-06 Reported As: 2005 CLD 649 Result: Order accordingly Judgment ORDER C.M. No,1518 of 2004 ' Let the main case to be taken up. C.M. Is disposed of. C.O.S. No,11 of 2000 Presence as above. ' A suit filed by the applicant-Bank was decreed against the respondent on 15-9-2004 as per terms of the compromise recorded in mark "A". It is now being stated that the decree has been satisfied. In terms of section 19(1) of Financial Institutions (Recovery of Finances) Ordinance, 2001, after decree the proceedings stand converted into execution. Office now to number this case as original execution application. 2. It is being stated by both the learned counsel that the amount due under the decree has been paid by the judgment-debtor to the decree-holder-Bank subject to the condition that all or any payments under the insurance claims filed by the judgment-debtors against the insurance companies as per details recorded in para.5 of the C.M. No,1518 of 2004 (this application is marked as mark "C") will be recoverable by the decree-holder-Bank and H.B.L., nothing is due from the judgment-debtors to the appellant under the decree dated 15-9-2004. 3. The payment of the decretal amount subject to the said condition of recovery by the decree- holder-Bank and H.B.L. From insurance companies is recovered in terms of Order 21, rule 2, C.P.C. All guarantees and securities shall stand discharged and the document shall be returned to the judgment-debtor by the decree-holder-Bank. The decree having been satisfied, Execution application is consigned to the records.