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Plaint Banking

The National Bank of Pakistan filed a suit in the Banking Court No. 2 at Hyderabad against M/S lucky traders Hyderabad, Mr Kashif Hussain, and Mr Raza Hussain for recovery of Rs. 197,000 with 6% markup that was outstanding on a loan. The bank had sanctioned a running finance facility of Rs. 200,000 to Mr Raza Hussain based on mortgage of property by Mr Kashif Hussain, but the defendants had defaulted on repayment. The bank requested the court to order payment of the outstanding amount along with costs and sale of the mortgaged property.

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469 views

Plaint Banking

The National Bank of Pakistan filed a suit in the Banking Court No. 2 at Hyderabad against M/S lucky traders Hyderabad, Mr Kashif Hussain, and Mr Raza Hussain for recovery of Rs. 197,000 with 6% markup that was outstanding on a loan. The bank had sanctioned a running finance facility of Rs. 200,000 to Mr Raza Hussain based on mortgage of property by Mr Kashif Hussain, but the defendants had defaulted on repayment. The bank requested the court to order payment of the outstanding amount along with costs and sale of the mortgaged property.

Uploaded by

umaima ali
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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You are on page 1/ 6

IN THE BANKING COURT NO.

2 AT HYDERABAD
SUIT NO.123 OF 2019
National Bank of Pakistan
having its registered office at sadder Hyderabad,
District Hyderabad. ………………………………….. Plaintiff
Versus
1.M/S lucky traders Hyderabad
2.through its properitor
Mr Kashif Hussain s/o Ahmed Hussain
adult, Muslim R/O house No. 2o sadder, Hyderabad
3.Mr Raza Hussain S/O Ahmed Hussain
adult, Muslim R/O house No. 2o sadder, Hyderabad ……………… Defendant

SUIT UNDER SECTION 9 OF THE FINANCIAL INSTITUTIONS


(RECOVERY OF FINANCE) ORDINANCE, 2001, FOR RECOVERY

OF RS.197000/- Up to 6% of Mark-up

The plaintiff above named respectfully submits as under:-


1. That the plaintiff is a baking company existing under companies
ordinance and its registered office is at sadder Hyderabad where they are
carrying their business as a financial institution as defined in financial
institution recovery ordinance 2001.

2. The suit is filed by person who is duly authorised by attorney in this


behalf to to institute proceeding, to sign and verify the plaint and do all
necessary acts and things thereto.

3. That the defendant no.1, which is the institution M/s lucky traders
applied for a running finance limit of 200000 through its proprietor
Kashif Hussain S/O Ahmed Hussain defendant no. 2, against mortgage of
property and hypothecation of stock in trade owned by Raze Hussain S/O
Ahmed Hussain, defendant No.3.

4. That, on warranties of defendant no. 2 and securities by defendant no. 3


Raze Hussain S/O Ahmed Hussain Plaintiff sanctioned a running finance
facility (HYP) limit of Rs.200000 to defendant no. 3 on the basis of
agreed mark-up agreement of 06% per anum on date 01-01-2018 with the
expiry date 31.12.2018

5. The defendant no.3 has fully taken advantage from finance facility which
is 20000 but don not fulfil their obligation regarding his securities and
documents executed by him
i. The title deed of mortgaged property industrial plot block no
123/2 and 123/3, measuring 1000 square yards situated @ site
area Hyderabad.
ii. And hypothecation of stock in trade is given as security by
defendant in favour of plaintiff

6. For securing of finance facility defendant executed various documents


title deed of mortgage property and hypothecation on stock trade.

7. That the defendants have defaulted in repayment of amount for which


they are jointly and severally liable to repay.

8. The break-up summary under Section 9(3) of Financial Institution


(Recovery of Finance) ordinance 2001 is as following:-

BREAK-UP SUMMARY
Date of Disbursement
(a) Amount of finance availed by the defendant Rs.200000
(b) Amount Repaid
(i) Principle Rs.15000
(c). Amount outstanding
i. Principle Rs.185000
ii. Mark-up Rs.12000
(d). Total outstanding amount Rs.197000
9. The plaintiff as a last remedy also served legal notice to defendant no.3
and of it is also served to defendant no.2 and defendant no.3 dated
janruary.25.2019 upon to pay outstanding amount along with mark-up.
Defendants however fails to pay outstanding amount. TCS receipt and
delivery report is filed in honourable court.
10. The plaintiff served legal notice and acknowledge by defendants, they
wilfully neglecting to pay the outstanding amount along with mark-up
and cost of fund for which they are jointly and severally liable to pay.

11. The cause of action arises when defendant no.1 M/S lucky traders applied
for running finance facility through its properitor defendant no.2 Mr
Kashif Hussain S/o Ahmed Hussain on property mortgage by defendant
no.3 Mr Raze Hussain, and plaintiff sanctioned loan to defendant no.3 on
mark up of 6% per anum, and failed to pay outstanding amount having
expiry date 31.12.2018.The cause of action arises on every occasion
when served legal notices and continue to arise from day to day till today,
hence the suit is in time.

12. This honourable court has jurisdiction over this matter as the finance
facility was granted at Hyderabad, all the finance and securities were
executed at Hyderabad and defendant is also residing at Hyderabad.

13. The value of suit is 197000 so from the value of suit court fees is 5700.
PRAYERS
The plaintiff is request to this honourable court that to pass a judgement and
decree and defendant as follows:-
a) For the payment of outstanding amount of Rs.197000 due on him along
with cost and cost of fund against defendants 1 to 3 jointly and severally
liable.
b) For sale or attachment of the mortgage property and by defendant no.3 as
mentioned in para and all other moveable property.
c) To grant any other relief which the honourable court may think fit under
the circumstances of case.
Hyderabad
Dated: - February, 15, 2019

_____________________
ON BEHALF OF PLAINTIFF
_____________________
ADVOCATE FOR
PLAINTIFF
VERIFICATION
I, ____________D/o ____________adult, Muslims, has given attorney by
plaintiff, residents of Hyderabad do hereby state on oath and affirmation that the
matter stated in this suit are correct and true to the best of my knowledge and
belief.
__________
DEPONENT
CELL NO: 0332-5508764
CNIC NO: 45402-5759877-6
The deponent above named have been identified by me to the commissioner for
taking affidavit.
__________________
ADVOCATE
Solemnly affirmed before me at Hyderabad on this, 15 day of January 2019, by
the deponent above named, who are identified to me by Ms Umaima Ali
advocate, who is personally know to me

_____________________________
COMISSIONER FOR AFFIDAVIT

Documents filed The list is following


and relied upon: - power of attorney
Loan sanctioned
Mark-up agreement
memorandum of mortgage of title deed.
Undertaking agreement to mortgage.
legal notices
statement of accounts
break-up summary
TCS receipt and delivery report
Address of parties: As given in the title
Address for service Advocate and consultant Umaima Ali
on plaintiff: R/O House 20 green homes, Hyderabad

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