Citation Name : 2010 CLD 1792 KARACHI-HIGH-COURT-SINDH
Side Appellant : BANK OF KHYBER
Side Opponent : NAZAMUDDIN
Ss. 3, 9 & 10—Suit for recovery of loan–court
by consent of the parties appointed a Chartered Accountant to examine
the account and submit report regarding outstanding amounts-Chartered
Accountants submitted the report that principal amount and amount of
mark-up were outstanding against the borrower—Borrower had not denied
financial facility given to him by the bank, but all that had been said
in his application for leave to defend was that request for such
facility was not made by the borrower in his personal capacity, but was
extended to his business concern–Borrower, in circumstances, had
admitted to have availed the financial facility—In view of absence of
denial of the borrower to the extent of availing said facility, oral
objection with regard to non-availing of such facility at the time of
arguments, was of no legal consequence—Objection of borrower, that
whenever a financial facility was rolled-over, mark-up over mark-up had
been charged, was a substantial objection—Charging of mark-up after
roll-over, would amount to converting a mark-up based facility into
interest bearing facility, which was not permissible under Law–Counsel
for the Bank conceded that against all facilities provided to the
borrower, Bank would not press its claim for mark-up; and sought decree
only on the principal amount that had been determined by Chartered
Accountant in his report—Suit was decreed accordingly.
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