190/2010 Suit.B ASKARI BANK LTD (Plaintiff) V/S MAGNA STEEL PVT LTD & ORS. (Defendant)
Bench: Hon'ble Chief Justice Mr. Justice Muhammad Shafi Siddiqui(Author)
190/2010 Suit.B ASKARI BANK LTD (Plaintiff) V/S MAGNA STEEL PVT LTD & ORS. (Defendant) Sindh High Court
Bench: Hon'ble Chief Justice Mr. Justice Muhammad Shafi Siddiqui(Author) Order Date: 29-FEB-16
The defendants since admitted the repayment of the same finance facility were stopped from denying or questioning such finances. This is even supported by a letter whereby they agreed to avail Rs.345 Million and requested to terminate remaining amount of Rs.155 Million. The subject Syndicate Terms Finance Agreement is available as Annexure B/1 page 87. Although the purchase price was mentioned as Rs.696,875,000/- but the statement of account provides charging of markup in accordance with agreed formula. Such admission in terms of the agreed rate of markup is also admitted by defendant No.1 in their annual account and the outstanding amount is also reflected in the statement of annual account Advocates: Ijaz Ahmed Zahid(ADVO-11135-SBC-KHI),Aftab Hussain(ADVO-4722-SBC-KHI),Syed Aijaz Hussain Shirazi(ADVO-8688-SBC-KHI),Shahid Ikram Siddiqui()