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UNITED BANK LIMITED versus TAJ COMPANY LIMITED


Banking Companies (Recovery of Loans) Ordinance 1979 Section 6 Law Reform Ordinance (XII of 1972), Section 3 Debt Recovery Intra Court Appeal Maintenance The Pakistan Banking Council, at its meeting, waived interest on loans obtained by the lending company. And the decision was appropriate in that regard. The parties told the company that the company paid the principal enough money and issued a check for the remaining amount, but the bank also refused to accept it and refused to issue the title documents to the lending company. The High Court upheld the decision of the Pakistan Banking Council on interest. Waiver of accrued interest or that was due in the future; and such decision was already informed and acted upon by the Pakistan Banking Council which amended or unilaterally approved the High Court order. It was very clear and not all the submissions made by the bank can be interfered with in the intra-court appeal. Unable to retain intra-court appeals, they were dismissed, in the circumstances

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