HABIB BANK LTD. versus KHOKHAR ENGINEERING COMPANY
Civil Procedure Code Order XXXVII of CPC Summary Procedure, OXXXVII on Risk Devices, RR 1 and 2 Sindh Chief Court Rules (O Section), R 100 Applying for Extension of Time for Security Submission Permission granted and presented to defendants. Security was already in favor of the plaintiffs through an equivalent mortgage, which Nazir accepted after the court satisfied himself because the merits of this claim are sufficient. The court ruled that in such a case when it was found that the mortgage property value is lower than the suit amount, the defendants would offer additional security to the extent of the loss amount within two months. The mortgaged property price was shown to be less than the suit amount, the architect of fame was appointed to estimate the mortgage property value. Estimates / Experts found that the value of the property was more than the exemption amount, the petition filed by the defendants was allowed.
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