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2011 CLD 1812

BANK OF PUNJAB vs NINA INDUSTRIES LIMITED and 5 others

Citation2011 CLD 1812
CourtSindh High Court
Case No.Suit No, B-152 and C.M.A. No, 11223 of 2009 C.M.A. No, 11223 of 2009 M.A. No,
Date2010-05-10
Judge(s)Muhammad Tasnim
ResultOrder accordingly

ORDER

1. ' MUHAMMAD TASNIM, J.---After hearing the learned counsel for both the parties on C.M.A. No,11223 of 2009, parties have agreed for following orders: ' By consent K.P.M.G. Chartered Accountant Firm is appointed Commissioner to scrutinize the accounts of the parties. The plaintiff and defendant No,1 shall provide the entire record pertaining to the Finance/Loan to the commissioner who will scrutinize the record to ascertain the quantum of Finance and payments made by the, defendant No,1 including the mark-up calculated on the said finance in pursuance to agreement dated 1-10-2007, the Commissioner/Chartered Accountant Firm shall furnish the detailed report of accounts reflecting the outstanding amount against the defendants Nos. 1 to 6.

2. ' The Commissioner/Chartered Accountant will examine and scrutinize the accounts books and record of the parties in the light of above contention. Leave to defend application of defendant is dismissed. The Commissioner shall submit his report within one month time from receipt of this order. The fee of the Commissioner for the above professional services is fixed at Rs,1,00,000 (One hundred thousand) which shall be paid by the plaintiff bank directly to the commissioner. The matter shall be placed in court for further orders once the commissioner report is received. It is clarified that on receipt of commissioner report by this Court parties will be free to file objections, if any, to such commissioner report. If desired, the representative of KPMG or author of the report shall be summoned in Court for cross-examination if request to this effect is made and the same is allowed.

3. ' Office is directed to communicate copy of this order to the Commissioner/Chartered Accountant Firm.

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