MESSRS ATLAS LEASE LTD. versus MESSRS PUNJAB STEELS (PVT.) LTD.
Banking court dismisses Section 10 Contract Act (IX, 1872), Sections 23 and 74 for extra lease rentals and non-recoverable damages, non-negotiable agreement against public policy to defend the case. And the case was decided in favor of the financial institution. But additional lease rentals were dismissed simply saying that public policy justification was opposed even if the banking court had in mind the provisions of section 23 or 74 of the Contract Act 1872, in support of the additional The lease rent was contrary to public policy or not lawful, but speculation was a matter even if the Banking Court could not have given evidence without deciding that the Contract Act, 1872 How a public policy was framed under section 23, and what punishment is imposed under section 74 of the Contract Act 1872, It was a mixed question of law and fact, which was passed by judgment and judgment, that kept the banking court aside from the extent of the additional lease rentals refused by the financial institution and to borrow only to the extent of rent of the additional lease. The matter was granted leave, the matter was remanded to the Banking Court for judgment on merit, accordingly the appeal was allowed.
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