SHAKEEL AHMAD, J. Impugned herein is the order dated 04.4.2016, passed by learned Additional District Judge- II, D.I.Khan, whereby application of the petitioner for issuing direction to respondent to submit the security bond was dismissed.
2. The facts in brief, are that petitioner brought a suit for recovery of Rs.1265000/-. He was issued a cheque for repayment of the loan, which was dishonoured, when presented to the bank concerned.
3. On service of summon, the respondent put his appearance and submitted an application for leave to defend_ The learned trial Court, while accepting the application, directed him to furnish security bond before the Court, vide order dated 18.5.2015, but instead of security, surety bond was submitted by him. The petitioner moved an application for directing the respondent to furnish security bonds. The said application was dismissed vide order dated 04.4.2016, hence the instant revision petition.
4. The learned counsel for the petitioner mainly argued that trial Court in its order dated 18.5.2015, had directed the respondent to furnish security bond before the Court, but instead of security, surety bond has been accepted, which is in conflict with the spirit of the order dated 18.5'.2015.
5. In response to the arguments advanced by learned counsel for the petitioner, the learned counsel representing the respondent, submitted that in compliance with the order dated 18.5.2015, surety bond has been furnished before the trial Court, therefore, the present revision petition is misconceived and requested to dismiss the same.
6. Arguments heard and record perused.
7. Perusal of the record reveals that vide order dated 18.5.2015, the learned trial Court allowed the application for leave to defend subject to furnishing security bond equal to the suit amount, however, the respondent, instead of security bond, furnished surety bond which was. accepted. Even if the arguments of learned counsel for the petitioner are accepted as correct, then again the furnishing of surety bond is fully covered by the terms "security bond" as asked by the learned trial Court. The Concise Oxford English Dictionary ( Edition) defines the words security and surety which is reproduced below:- "Security" the state of being or feeling secure, a thing deposited or pledged as a guarantee of the fulfillment of an undertaking or the repayment of a loan, to be forfeited in case of default."
"Surety" A person, who takes responsibility of another 's undertaking, e.g. the payment a. debt. "
The plain reading of the definition of security and surety quoted above does not exclude the guarantee which can be provided by any surety. In legal Terms and Phrases judicially defined from 1947-2012 written by M.
Ilyas Khan, the words "security" and "surety" have been given following meaning:- "Security --"In terms of 'security' used in section 12(5) Banking Companies (Recovery of Loans) Ordinance (X1X of 1979) the word would include any security equivalent to the amount of judgment debt to the satisfaction of the court--security would also include that security which was originally accepted against the loan"
Surety--- "The person who gives the guarantee is called the surety". As provided in section 126 of Contract Act, 1872, a "contract of guarantee" is a contract to perform the promise, or discharge the liability; of a third person in case of his default: The person who gives the guarantee is called the "surety". the person in, respect of whose default the guarantee is given is called the "principal debtor" and the person to whom the guarantee is given is called the "creditor". A guarantee may be either oral or written."
In this respect, I respectfully follow the case of Lay( Venkataramanavva and another . Vs. Gunda Subhava Chettv and others (AIR 1962 Andhra Pradesh 175) wherein, while relying on another case of Foulkes. Vs. Suppan Chettiar (AIR 1945 Mad 13), the Honourable Judge has made the following observations:- "Security: (1) A "security", speaking generally , is anything that makes the money more assured in its payment or more readily1 recoverable; as distinguished from .e.g., a mere 1.0. U which is only evidence of a debt."
It does not therefore exclude the guarantee which can be provided by any surety, In fact, the same Dictionary adds further on "security given by the borrower may mean a third party's guarantee provided by, a borrower and may be "security given by the borrower." Of course this has been with reference to the English Money-lenders Act, 1927 (17 and 18 Geo, 5, c 21 S. 6) but could be said to be of general application also. There is yet another indication which can be culled out ,from the manner in which the term "security" has been employed in the Civil Procedure Code itself That word occurs with reference to the proceedings under Order XXXVII Rules 2 and 3, and also in the 'natter of furnishing sureties when property is distrained 'or a person is arrested. In that Context also, the word "security" has been used as synonymous with "surety" and therefore, in my view, the meaning that has to be given to the word "security" should be taken to be comprehensive enough to include a "surety" or at least not to exclude it."
8. For what has been discussed above, the impugned order does not suffer from any illegality or irregularity or jurisdictional defect calling for interference by this Court in exercise of its revisional jurisdiction. The revision petition being bereft of merit is accordingly dismissed with no order Is to costs.