BEFORE THE HONOURABLE LAHORE HIGH COURT, LAHORE

(Jurisdiction under Section 9 of the Financial Institutions (Recovery of Finances) Ordinance,

2001)

C.M. No. 1 /2019

IN
Civil Original Suit No. 231832 /2018

FAYSAL BANK LIMITED

VS.
M/S CRAFT INTERNATIONAL (PVT.) LIMITED & OTHERS

(SUIT FOR RECOVERY OF RS.119,317,799.00 OUTSTANDING AS ON 31ST MARCH, 2018

TOGETHER WITH MARK-UP, COSTS OF THE SUIT AND COST OF FUNDS, ETC.)

APPLICATION ON BEHALF OF THE PLAINTIFF UNDER SECTION 75 READ WITH

ORDER XVI, RULE 9 OF THE CODE OF CIVIL PROCEDURE, 1908
READ WITH ALL OTHER ENABLING PROVISIONS OF LAW FOR THE
PREPARATION OF INVENTORY OF THE HYPOTHECATED ASSETS
AND ITS SUBSEQUENT SALE

That the Applicant / Plaintff respectfully sheweth:

1. That the titled Suit is pending adjudication before this Hon’ble Court. Contents of the
titled Suit may kindly be read as an integral part of this Application.

2. That in Order to secure the Cash Finance Facility / Finance against Imported
Merchandise (as defined in the Suit) availed by the Respondents / Defendants from
the Applicant / Plaintiff Bank and forming, inter alia facilities, the subject matter of
the titled Suit, among other securities, the Respondent / Defendant No.1
hypothecated its various assets, inter alia, machinery, plant, equipment, current
assets, movables, and receivables, as acknowledged by Defendants and created and
described in Facility Offer Letter dated 19.08.2016, and various Letters of
Hypothecation dated 03.01.2012, 22.10.2010, and 16.07.2008.

3. That the Applicant / Plaintiff Bank apprehends that the Respondents / Defendants
are likely to remove / misappropriate the remaining hypothecated assets in
violation of the terms and conditions agreed with the Applicant / Plaintff Bank and
the law.
4. That the Respondents / Defendants have defaulted in the fulfillment of their
obligations and the payment of the debt owed by them and the titled Suit has been
filed against them for the recovery of the outstanding dues of the Applicant /
Plaintiff Bank.

5. That interest of justice that a local investigation be conducted and a local

commission be appointed to prepare an inventory of the currently available
hypothecated assets and the same be auctioned through an open auction and
appropriate the sale proceeds thereof towards the adjustment of the outstanding
liabilities of the Respondents / Defendants.

PRAYER
IN THE VIEW OF AFORESAID it is most respectfully prayed that a Local
Commission be appointed to prepare an inventory of the currently available
hypothecated goods.
IT IS FURTHER PRAYED that the currently available hypothecated goods be
auctioned through an open auction and the Petitioner Bank be allowed to
appropriate / adjust the sale proceeds thereof towards the outstanding liabilities of
the Respondents / Defendants.
ANY OTHER RELIEF that this Hon’ble Court deems fit and appropriate
according to the facts and circumstances of the petition may also graciously be
granted to the Petitioner.

Faysal Bank Limited

(Plaintiff Bank)
through

Barrister Muhammad Ahmad Pansota

Advocate High Court
Ahmed & Pansota
Advocates and Legal Consultants
20-Sir Ganga Ram Mansions, The Mall, Lahore
 BEFORE THE HONOURABLE LAHORE HIGH COURT, LAHORE
(Jurisdiction under Section 9 of the Financial Institutions (Recovery of Finances) Ordinance,
2001)

C.M. No. 1 /2019

IN
Civil Original Suit No. 231832 /2018

FAYSAL BANK LIMITED

VS.
M/S CRAFT INTERNATIONAL (PVT.) LIMITED & OTHERS

(SUIT FOR RECOVERY OF RS.119,317,799.00 OUTSTANDING AS ON 31ST MARCH, 2018

TOGETHER WITH MARK-UP, COSTS OF THE SUIT AND COST OF FUNDS, ETC.)

JOINT AFFIDAVIT OF: MR. SHEHARYAR TIWANA, SENIOR MANAGER, SAMG

&
MR. SYED MAJID ALI BUKHAIR, UNIT HEAD LEGAL, SAMG
IN
APPLICATION ON BEHALF OF THE PLAINTIFF UNDER SECTION 75 READ
WITH ORDER XVI, RULE 9 OF THE CODE OF CIVIL
PROCEDURE, 1908 READ WITH ALL OTHER ENABLING
PROVISIONS OF LAW FOR THE PREPARATION OF INVENTORY
OF THE HYPOTHECATED ASSETS AND ITS SUBSEQUENT SALE

That the Applicant / Plaintff respectfully sheweth:

1. That the titled Suit is pending adjudication before this Hon’ble Court. Contents of the
titled Suit may kindly be read as an integral part of this Application.
2. That in Order to secure the Cash Finance Facility / Finance against Imported
Merchandise (as defined in the Suit) availed by the Respondents / Defendants from
the Applicant / Plaintiff Bank and forming, inter alia facilities, the subject matter of
the titled Suit, among other securities, the Respondent / Defendant No.1
hypothecated its various assets, inter alia, machinery, plant, equipment, current
assets, movables, and receivables, as acknowledged by Defendants and created and
described in Facility Offer Letter dated 19.08.2016, and various Letters of
Hypothecation dated 03.01.2012, 22.10.2010, and 16.07.2008.
3. That the Applicant / Plaintiff Bank apprehends that the Respondents / Defendants
are likely to remove / misappropriate the remaining hypothecated assets in
violation of the terms and conditions agreed with the Applicant / Plaintff Bank and
the law.
 4. That the Respondents / Defendants have defaulted in the fulfillment of their
obligations and the payment of the debt owed by them and the titled Suit has been
filed against them for the recovery of the outstanding dues of the Applicant /
Plaintiff Bank.
5. That interest of justice that a local investigation be conducted and a local
commission be appointed to prepare an inventory of the currently available
hypothecated assets and the same be auctioned through an open auction and
appropriate the sale proceeds thereof towards the adjustment of the outstanding
liabilities of the Respondents / Defendants.

DEPONENTS

VERIFICATION:
VERIFIED on oath at Lahore on this _____ day of ________________ 2019 that the contents of our
above affidavit are correct and true to the best of our knowledge and nothing material has
knowingly been concealed therein.

DEPONENTS