audi Pak Leasing Company Limited has filed a suit against M/s: Transmission Engineering Industries Ltd., in Banking Court for recovery of Rs8,893,761/-, while the court issued notice to appear on 1st November 2012.
Saudi Pak Leasing Company Limited requested the court;
- To pass a judgment and final decree for a sum of Rs8,893,761/- jointly and severally against all the defendants payable as on 25-01-2012 and cost of fund under Section 3 of the Ordinance 2001 from the date of default till realization of the decrial amount,
- An order of and decree for possession of leased assets which are in unlawful possession of the defendants,
- Attachment and sale of the hypothecated assets / goods i.e., stock on raw material, finished goods and work in progress located at its site of Hub Industrial Trading Estate, Hub Chowki, District Lasbella.
According to details, Saudi Pak Leasing Company Limited, a financial institution having its office in Karachi said the defendants M/s: Transmission Engineering Industries Ltd., and three Guarantors Mr. Muhammad Aslam Khan, Mr. Agha Faraz Ali and Mr. Fasih Hussain Agha had entered into lease agreements with the plaintiff. The plaintiff provided lease-financing facilities on 01-05-2000 for CNC Turning machine, CNC Gear shaving machine, Pneumatic hammer, Surface roughness tester and Measuring projector, two units of Compare Piston type air compressor and one unit Ultra Filter fridge air dryer package for the period of 53 months.
The defendants were required to pay rentals / dues in terms of the provisions of lease agreement described in details but the record provides that defendants had never been punctual and regular in payment of lease rentals / dues. The plaintiff’s officials made their utmost efforts to recover rentals / dues but the defendants never paid off / discharged their financial obligations towards the plaintiff.
The defendants requested the plaintiff for grant of restructuring the facility and the said request was acceded whereby the periods for payment of rentals were revised. However, despite all the aforesaid follow up and accommodation the defendants never paid off their financial liabilities to the plaintiff hence the suit, SPLCL added.
-Published in October-2012 issue of MOBILE WORLD Magazine