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MESSRS QASIM & CO. THROUGH L.RS. versus MESSRS BOLAN BANK LIMITED THROUGH MANAGER

A. XXXVII, Rr 1 and 2 Banking Companies (Debt Recovery, Credit and Financial Issues) Act (XV of 1997), Section 9 suit opened an account with the bank for money recovery and also allowed the applicants to operate the account. The appellants died and the appellants said that the account was running and upon their request it was stated that the account was changed to the name of the company with the name and style of their late father and it was said that the appellant's father was in the account. Prior to his death, a construction company / principal lender was awarded a housing scheme development contract and was told that the company / Principal lenders were offered performance guarantees in favor of the authority under which a housing scheme was to be developed, which was issued by the bank, on behalf of the principal debtor father. The applicants, who were alive at the time, were the guarantors of the principal lenders and executed the guarantee bond, after which some checks were issued, the appeals were disregarded by the bank and after inquiry, the appellants were informed that the principal ones were indebted. Due to the liability of the suit, the amount of the suit has been deducted from his account as his late father stands for bail by which the suit district judge, appellant, to recover the amount of deduction filed by the appellants. An appeal was filed before the High Court, which was allowed and the bank was directed to withdraw the interest along with the account of the appellants. To file an application for leave to pay the amount of diminution appeal, the Supreme Court asked the High Court to determine the case remanded to the lower court's banking loan transactions through the Bank's jurisdiction list of advocates from Chiniot lawyer