SUBHAN SULTAN HADI ABBAS SAAD ISHAQ DANIYAL MIRZA

This case is basically between two parties Printing company and a Bank) Color-web Inc (plaintiff) Peoples capital and leasing Corp. (defendant)

Color-web (P) had signed a loan contract with Peoples capital and leasing corp. (D) and the defendant agreed to provide a loan of $4 Million to web-color and provided $200,000 deposit but refused to provide the rest of the $3.8 Million to the plaintiff because they witnessed the other printing companies were not doing well and anticipated that Color-web might not be able to pay back the loan as the entire printing industry was having a financial downfall. Color-web is running out of time and going insolvent because the defendant pulled back the finance. Thus the plaintiff has sued the financial institution and claimed damages of $13 Million.

Judgment:The Court affirmed the judgment in favor of plaintiff. And the defendant Is found guilty of Breaching the contract and fraud.
Appeal:The defendant has decided to appeal in the Supreme Court

They both mutually agreed to sign that loan contract with mutual consent. Both parties got into legal relationship Lender and Borrower. Object they were dealing in was and is legal. Both parties signed and agree upon the terms and conditions (clauses) of the contract on a legal stamp paper. The task was possible to perform by the Bank and the printing company. Consideration was there as Finance. Both parties were capable enough to perform and deliver their promises. Both parties agreed on the conditions and policies (clauses/rules of their contract). Everything in the contract was expressed not implied. Subject matter was very clear & understood for both parties.

Once the Bank had signed the contract to provide the loan, it cannot afford to back down to its words which were clearly expressed in the contract and if it does its Breach of the contract. The Banks reason not to finance the printing company solely on the basis of other printing companies financial performance is not acceptable by the Law. The Bank shouldve financed the printing company but now it must pay the price for the damages that the printing company suffered in terms of financial loss as compensation and the Bank must pay the compensation to avoid any further legal actions against him.