960417

Decree of Rs 134.576m

issued against

Shah Din Ltd

RECORDER REPORT

LAHORE: The Chairman, Banking Tribunal III Lahore ,has issued a decree of Rs. 134.576 million against Shah Din Limited in the favour of United Bank Limited.

The Tribunal recorded in the statement that in case of failure to satisfy the decree within 30 days the decree shall be executed by the sale of the property involved in this case or any other mode.

The Tribunal, however, declined to allow the damages claimed by the bank and declared that these damages would be allowed at the stage of the execution of the decree if respondent Shah Din Limited, failed to dispose of its liabilities within the stipulated time.

The United Bank Limited, Mcleod Road Branch, Lahore had filed a recovery suit against Shah Din Limited through their counsel Khawaja Saeed Zafar.

The counsel for the respondent Shah Din took shelter behind the arguments that the finance facility in question was based on mark-up. The court recorded that the counsel for the defendant had also failed to point out as to where the mark-up on mark-up has been levied and the rules of Islamic mode of financing had been infringed and violated as earlier claimed by him. The replies filed by the defendent was illusory, vague, self contradictory, misconceived, and the defendent Shah Din was a chronic defaulter, the judge observed.