88/2016 I. A House Building Finance Company Ltd. (Appellant) V/S Major Muhammad Abdul Aziz & another (Respondent)
Sindh High Court
Bench: Hon'ble Chief Justice Mr. Justice Muhammad Shafi Siddiqui, Hon'ble Mr. Justice Jawad Akbar Sarwana(Author)
Order Date: 08-NOV-23
The learned Judge has correctly granted HBFC cost of funds from 2010 onwards in the Judgment, which, according to Respondent No.1-Customer???s admission, was the date of default, yet there is no explanation why the learned Judge proceeded to apply a varying rate of cost of funds as already discussed. Therefore, HBFC???s claim that the learned Judge of the Banking Court has not granted the cost of funds from the date of default is incorrect. In fact, the Banking Court granted costs of funds but did not grant HBFC the cost of funds as certified by the State Bank of Pakistan from time to time from 2010 till the date of Judgment in May 2016. The case is remanded to the Banking Court to determine the cost of funds amount payable to HBFC in terms of section 3(2) of the FIO, 2001. There shall be no change in the already decreed principal outstanding amount of Rs.1,771,340 and the costs of the suit of Rs.31,425, which will remain the same. The Respondent No.1-Customer has already paid HBFC through the Banking Court a total sum of Rs.3,057,486, which comprised of the old decretal (i) principal outstanding amount, (ii) the disputed cost of funds amount, and (iii) the costs of the suit. The Banking Court shall adjust the payment already made by Respondent No.1-Customer to HBFC of Rs.3,057,486 against the fresh cost of funds to be determined by it and pass an amended Decree, accordingly. All the other terms and conditions of the Decree dated 05.05.2016 shall remain intact.Full judgment text for this case is not yet available on Pakistan Law Reports. Check the official Sindh High Court case law portal for the complete order.
This judgment is reproduced from a publicly available source for informational purposes and does not constitute legal advice. If you believe this listing contains an error,
let us know.