UNITED BANK LTD. versus ALI GUL PACKAGES INDUSTRIES LTD.
Ordinance of Companies 1984 Section 121 and 405 Banking Companies Ordinance (LVII of 1962), Section 5 (M) against the unsecured loan advances made by the bank to the company did not come in appreciation of the secured loan of ledge is not covered under the term secured loan term as defined under section 5 (m) of the Ordinance of Banking Companies, 1962, the cancellation of the goods of the company was also invalid as the joint stock companies M Section 121 of the Companies Ordinance, 1984 provided as a registration with the Registrar of the Bank, thus the loan presented by the bank was a normal loan. And it has to be treated as equal to all other loans, such loans can not be considered a priority. Payment under Companies Ordinance
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