INDUSTRIAL DEVELOPMENT BANK OF PAKISTAN (IDBP) versus CRYSTAL CHEMICALS LTD.
Section 19 and 22 Transfer of Property Act (IV of 1882), Section 588 State Bank of Pakistan, BPD Circular No. 29, Date, 15 10 2002 Declaration Order Transfer of Mortgage Property Shares to Receive Bank Debt The suit was ordered on the basis of the agreement between the parties that the defendants / consumers decide to receive the shares through the financial institution of the two financial institutions, during the execution of the decree, the plaintiff / bank acquired the shares of the other financial institution. Intended to change the proportion of the court in favor of the court rejects the petition filed by the plaintiff bank Cannot extend its share in Eurati, it may be section 58 of the Transfer of Property Act 188, or to the contents of the BPD Circular No. 29 issued by the State Bank of Pakistan for this matter, at the intervals of the parties after the agreement From 15 10 to 2002, the legal rights to settle the maximum liabilities were settled, the law and content of the Circular Agreement created a mechanism for amending the rights of the parties, which would be amended based on some existing contents. The decision was to be taken, calculating the amended rights of the settlement application approved by the banking court with the consent of the parties. Was gone Under the arrangements made between the parties, the law and BPD Circular No. 29 were declared as invalid and the payment to the plaintiff / bank to the plaintiff / bank and the defendant / consumer and other financial institutions under the order approved by the banking court. Rights were created in the parties including In relation to the sharing ratio in security, any modification to such sharing ratio was done with the consent of the parties and
Related judgments — Lahore High Court Lahore, 2015
