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Initializing Secure Chambers
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Initializing Secure Chambers
Citation: 1971 PLD 199
Court: Lahore High Court
Year: 1970
Decision Date: 1970-12-31
Parties: BANK OF BAHAWALPUR LTD. vs PUNJAB TANNERIES, WAZIRABAD LTD. AND 2 JUDGMENT
Case cited as PLD 1971 Lahore 199
Court Name: Lahore High Court Judge(s): Karam Elahi Chauhan Title:BANK OF BAHAWALPUR LTD. vs PUNJAB TANNERIES, WAZIRABAD LTD. AND 2 JUDGMENT Reported As: PLD 1971 Lahore 199 Result: Appeal accepted Judgment JUDGMENT The Bank of Bahawalpur Limited (hereinafter called the plaintiff) filed a suit on 10-10-1964, in the Court of the learned Civil Judge, 1st Class Wazirabad (Gujranwala), for the recovery of Rs, 31,043.67 against (1) Punjab Tanneries (WZD) Limited G. T. Road, Wazirabad; (2) Sh. Aziz Ahmad, Managing Director and (3) S. Aftab Ahmad, Director. The case of the plaintiff was that the defendants applied for a cash credit limit and the same was granted to them to the extent of Rs, 80,000, as on 13-1- 1960. It was understood that the defendants shall adjust the cash credit from time to time and by way of collateral secarity they executed the following documents:-- (i) On demand promissory-note for Rs, 80,000 dated 13-1-1960; (ii) Letter of continuity for Rs, 5,000 dated 13-1-1960; (iii)Letter of arrangement dated 13-1-1960; and (iv)Cash credit pledge letter dated 13-1 60.--The defendants' goods held by the plaintiff in the Cash credit account were pledged with the plaintiff. The charge of the plaintiff to the extent of Rs, 80,000 was also got registered with the Registrar, Joint Stock Companies on 7-4-1960. According to the plaintiff, the defendants removed the security i,e,. the pledged goods forcibly and misappropriated and destroyed the same with the result that the…
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