The SBL from time to time had extended various finance facilities to DSFL. On default of DSFL, SBL filed a suit in SHC for the recovery of Rs 824.267 million. The SHC, in its order said that in terms of the order dated October 21, 2009 the Nazir of this court has prepared the inventory of the pledged stocks, which should be disposed of and sold by the Nazir for which both the parties will arrange buyers to offer maximum price which shall be deposited with the Nazir of this court.
The order said the exercise should be completed within four weeks. In case the exercise is not completed within the stipulated period, the Nazir will request this court for an extension of time, which will be considered on merits. The plaintiff filed the recovery suit against the defendant for the recovery of Rs 824.267 million.
The defendant availed various finance facilities and as a security, inter alia, created pledge upon its goods in favour of the plaintiff bank. As on September 30, 2009 a sum of Rs 824.267 million was outstanding towards the defendant against all the finance facilities availed by it. The SBL was represented in the court by M/s Ahmed & Qazi, Advocates.