645/2003 Suit VOLGA INTERNATIONAL LTD. (Plaintiff) V/S SHAHEEN AIR CAROG (Defendant)
Bench: Hon'ble Mr. Justice Jawad Akbar Sarwana(Author)
645/2003 Suit VOLGA INTERNATIONAL LTD. (Plaintiff) V/S SHAHEEN AIR CAROG (Defendant) Sindh High Court
Bench: Hon'ble Mr. Justice Jawad Akbar Sarwana(Author) Order Date: 28-AUG-23
Plaintiff filed suit for recovery five years from the date when the amount became due. Acknowledgement of liability by Defendant addressed to an unrelated third party, accepting part-liability on the part of Defendant covered by Section 19 of the Limitation Act, 1908. Extended the period of limitation. Defendant accepted part-claim. Suit partly decreed to the extent of acknowledgement of liability coupled with 1% simple markup. Court's discretion to award lower markup as banks in Pakistan currently offering much lower markup on US$ deposits compared to what banks are currently offering on PKR deposits.