CAPITAL INSURANCE COMPANY LTD. versus SIALKOT INTERNATIONAL AIRPORT LTD.
Sections 118, 122 and 130 of the Securities and Exchange Commission of Pakistan Act (XLII of 1997), the failure to perform work by a contractor of a performance guarantee issued by the Section 33 Insurance Company Complainant to the Federal Insurance Ombudsman for the Appellant / Insurance Company. Had moved with the complaint against. The contractor to whom the external electrical work contract was awarded and for which the appellant insurance company offered a performance guarantee in favor of the complainant failed to perform its part of the contract, resulting in the complainant's complaint The manufacturer faces heavy losses in terms of performance. Appellant confronted the company on the complaint that the company forfeiture of the entire amount was part of the default complainant because it failed to make the necessary arrangements to start work. Directed the appellant company to file a performance guarantee against the injunction to dismiss the appeal. The Ombudsman was dismissed by the EC's Director of Insurance (Insurance), the appellant company, having filed an appeal under section 33 of the Securities and Exchange Commission of Pakistan Act, 1997, the Order of the Ombudsman was finalized. After that, the appeal was maintained before its Executive Director (insurance). The Commission legislation that enforced the Insurance Ordinance 2000 was fully aware of the provisions of Section 33 of the Securities and Exchange Commission of Pakistan Act 1997, the order of the Insurance Ombudsman was finalized, filed by the appellant company. Appeal was unable to maintain performance within 24 hours
Related judgments — Securities and Exchange Commission of Pakistan, 2010
