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Petitioner: PEARL AND BEADS MANUFACTURING COMPANY through Chief Executive VS Respondent: UNION BANK LIMITED through Branch Manager and 3 others
Court Name: Lahore High Court Judge(s): Jawwad S. Khawaja, Mian Saqib Nisar Title:PEARL AND BEADS MANUFACTURING COMPANY through Chief Executive vs
UNION BANK LIMITED through Branch Manager and 3 others Case No.: Execution First Appeal No.805 of 2002 Date of Judgment:2003-06-24 Reported As: 2005 CLD 1636 Result: Order accordingly. Judgment ORDER Learned counsel for the appellant contends that the appellant has to discharge the liability under the decree dated 18-2-1999 except to the extent of Rs.754,225, thus, instead of delivering the possession of the property in question to the respondent, the appellant be permitted to pay the aforesaid amount in instalments, to save the valuable property and the business of the appellant over the property which is the only mean of his likelihood. Learned counsel for the respondent as also the representative, present in Court, states that if the appellant makes the payment of Rs.1,50,000 per month, they will have no objection for setting aside the said order. 2. Let the appellant make payment of Rs.1,50,000 by 15th July, 2003 as first installment and the remaining four instalments of Rs.1,50,000 each shall also be paid by the appellant to the respondent on or before the 15th of each month. In case there is a default in payment of any single installment, the respondent shall be entitled to take over the possession of the disputed property as per order impugned before us. 3. The appeal is therefore, disposed of in the above terms.
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