AZAM WAZIR KHAN versus INDUSTRIAL DEVELOPMENT BANK OF PAKISTAN
Section 29 Banking Companies (Loans, Progress, Credit and Recovery of Financial Issues) Act (XV of 1997), Section 15 [After repealing] State Bank of Pakistan Act (XXXII of 1956), Section 9A Industrial Development Bank of Pakistan Ordinance (XXXI of 1961), Section 39 State Bank of Pakistan, BCD Circular No. 13 Period 20 6 1984 State Bank of Pakistan, BCD Circular No. 32 Period 26 11 Power in respect of compound interest, recovery in 1984 State Bank of Pakistan Grant. Bank of interest-based lending Bank (Defendant), with simple interest, filed an appeal before the High Court, claiming that compound interest is permitted according to the agreement between the parties that BCD Circular No. In view of this, the compound court will be allowed compound interest. 13th 20 6 1984, and BCD Circular No. 32 dated 26 11 1984, Bank 1 could not receive compound interest on loans granted after 1985, and this bank illegally transferred three loans to another start-up. Was integrated. d Compound interest-charging powers and the work assigned to the State Bank of Pakistan were completely divorced from the rules made by banks and other development financial institutions from time to time to recover outstanding loans. It cannot be said that after 1985, the interest paid by any company / development financial institution on the old interest-based system could not be recovered because Section 15 (Loans, Progress, Credit and Financial) of the banking companies. Issues Rehabilitation Act 1997 (which has since been repealed) and markups are recovered And its glimpse into financial institutions (b
