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Miscellaneous No. 24 of 1979, decided on 15th November, 1981,
‑‑S. 120‑Charge, registration of‑Extension of time‑Prayers for extension of time for registration of charge created by registered mortgage deed objected to on grounds that agreement between parties laying down riot to charge or mortgage properties without their permission‑Genuineness of mortagage deed, however, not disputed‑Held in case of breach of agreement, action can be taken in accordance with law‑Such fact cannot be ground for refusal of extension of time.
Syed Mamnoon Hassan for Petitioner.
A. I. Chundrigar.for I.D.B.P.
Nemo for any other Party
By this petition under section 120 of the Companies Act, 1913, the petitioner prays for extension of time for registration of the charge created by the registered mortgage deed. Mr. A.I. Chundrigar, Advocate, object to the extension of time, although the Assistant Registrar Joint Stock Companies in the written statement dated 13th August, 1979 has stated no objection. As regards the objection of Mr. Chundrigar, he submits that there is an agreement between the Industrial Development Bank and the borrower namely Ahmed Spinning Mills Ltd., not to charge or mortgage it properties without their permission. However, the genuineness of mortgage deed is not disputed. If there is any breach of the agreement that would make the Industrial Development Bank entitled to take any action in accordance with law but that would not be a ground to refuse extension of time. 1, therefore, grant the petition and extend the time for two weeks froth the date hereof.
M' Y' M' Petition granted.
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