HABIB CREDIT & EXCHANGE BANK LTD. versus TARIQ COTTON MILLS LTD.
Banking Companies (Debt Recovery) Ordinance 1979 Sections 305 and 306 Banking Companies (Recovery of Loans) Ordinance (XX of 1979), Section 6 (4) Banking Companies (Debt Recovery, Progress, Credit and Finance) Act (XV of 1997) ), The failure to repay the company in the event of a failure to repay the loan was prohibited by the defendant (company) in failing to repay its loan, if any If so, in a special trial hearing by the Special Banking Court, or in the application for the company to be summoned. The request for direction was in the jurisdiction and within its jurisdiction, the ban cannot be barred by or through the Banking Companies (Debt Recovery) Ordinance, 1979. The action to terminate the Banking Companies (Debt, Progress, Credit and Recovery of Finance) Act, 1997 will not be a substitute for recovery of loan amount and no one praying before the court will have jurisdiction to recover the loan amount. Hyper technical and without any substance, the object was repelled under the circumstances
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