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IN THE COURT OF BANKING COURT SHEIKH LIAQAT ALI NO: LAHORE.

IN RE ATLAS BANK LTD

VS

SOHAIL HAMEED BUTT

SUIT FOR RECOVERY OF RS.34,771,290.31/- U/S 9 OF THE FINICIAL INSTITUTIONS (RECOVERY OF FINANCE ORDINANCE),2001

APPLICATION FOR DISPOSAL/DECREE OF SUIT ON THE BASIS OF COMPROMISE/AGREEMENT DATED10/03/2010

Respectfully Sheweth: 1. That captioned Suit is pending for adjudication before this learned court and next date is fixed 25.03.2010.

2. That the present suit was filed by the plaintiff in which the defendant entered into an agreement and both plantiff and the defendant are entered into a compromise through the agreement the revelent portion whereof is as under.
(The Bank and the Customer are hereinafter collectively referred to as the Parties and the Defendant No.1 & 2 are hereinafter collectively referred to as the Defendant) WHEREAS, the Plaintiff has filed a suit against the Defendant before the Banking Court, Lahore seeking a decreed for Rs.34,771,290.31/- along with cost of Funds. ANDWHEREAS, the aforesaid suit titled as Atlas Bank Limited Vs Sohail Hameed Butt & Others is pending adjudication before the Banking Court at Lahore. ANDWHEREAS, the parties i.e. the Plaintiff and the Defendant have reached a settlement and compromise on the terms and conditions mentioned herein below:

1. That the Defendant has paid to the Plaintiff a sum of R.2,500,000/- (Rupees Two Million Five Hundred Thousand Only) on 30 th December 2009 and after payment/adjustment of partial liability the balance payable amount by the defendant under the claim is Rs.32,271,290/2. That the Defendant shall payRs.2,500,000/- at the time of execution of this and balance amount of Rs.25,893,548/- (Twenty Five Million Eight Hundred Ninety Three Thousand Five Hundred Fourty Eight Only) by 09th October 2010 in six installments as per Schedule-I 3. That upon the payment of the agreed amount of Rs.28,393,548/- (Rupees Twenty Eight Million Three Hundred Ninety Three Thousand Five Hundred Fourty Eight Only), the balance payable amount of Rs.3,877,742/- (Rupees Three Million Eight Seven Seven Thousand Hundred Fourty Two Only) payable as 7th installment shall stand waived off.

4. That in the event of default on part of the Defendant to pay any installment in full on the date specified there for in the Schedule-I hereof, the entire amount due under the claim after adjusting the payments already made after execution of this Agreement shall become payable forthwith along with cost of Funds accrued hereupon. The Plaintiff through Banking Court, Lahore shall recover the said amount through execution. 5. That upon the payment of the entire amount of the 1 st 06 installment as per terms and in accordance of the Schedule-I hereto the Claim of the Plaintiff shall stands satisfied. 6. That the parties hereto shall make a joint application to the Banking Court, Lahore for disposal of the suit by way of compromise Decree in terms of this Agreement. And the schedule on which the parties are agreed is to as under
_____________________________ _____________________________

Schedule-I Sr. No. 1. 2. 3. 4. 5. 6. Date March 30, 2010 April 30,2010 May 30, 2010 July 30,2010 September 30, 2010 October 30,2010 Payable Amount Rs.3,000,000/Rs.5,000,000/Rs.5,000,000/Rs.5,000,000/Rs.3,700,000/Rs.4,193,548

3. That the contants as explained above are totally explained to both the plaintiff

and defendants and both the parties are willing to disposal of the suit/ decree on basis of this compromise/agreement the orignal copy of compromise/agreement is attached with this application.

PRAYER

It is therefore most respectfully prayed that this ownerable court may kindly decreed the present suit according to the terms and conditions of the said agreement.

__________________________ Defendant Sohail Hameed Butt __________________________ Ghazala Butt Witnesses:1. _____________________________ _____________________________

______________________________ Plaintiff Atlas Bank Limited

2. ___________________________ _____________________________

Petitioner

Through

Muhammad Kamran Siddiquei Advocate High Court


Zahid Law Associates 2nd Floor Nawa-I-Waqt Building Shahra-e- Fatima Jinnah Lahore