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NATIONAL BANK OF PAKISTAN versus MESSRS PAKSACO LIMITED

Circular No. 29 of the Corporate and Industrial Reorganization Corporation's Section 18 State Bank of Pakistan BPD Circ, a scheme for a friendly settlement of non-performing assets, in line with the 2002 State Bank of Pakistan BPD Circular No. 29 Submitted, which was dated 1S10 2002. Impact Paragraph 12 of PP Circular NB 29 revealed that the beneficiary incentive scheme beneficiary, at the time of signing the contract, had to pay at least 10% cash down and pay the balance in installments. There were. Effect within a maximum period of 3 years from the date of signing of the contract on a minimum quarterly basis once the corporation has the benefit of the incentive settlement scheme representing the lenders in accordance with BPD Circular No. 29 Invited to take up, then all justice, equity and under it the corporation was obliged to offer it and the decision was accepted by the borrower / lender, especially when the borrower made no payment. 10 down demand for forced sale price down payment 10 cash cash payment Fixed payment amount Entry into the term is a condition when such payment was made by the lender and accepted by the corporation and thereafter a binding contract under the remaining scheme came into existence. Payments in installments can be made on a minimum quarterly basis for a period of at least 3 years from the date of signing of the contract when the corporation is allowed to warm and cold to represent the scheme. Could not be given. Line with BPD Circular No. 29 and then mentioned to Corporation top civil advocates from Toru lawyer