BEFORE THE BANKING COURT V AT KARACHI
Suit No.540/1999.
M/S. House Building Finance Corporation,
Set up under the House Building Finance
Corporation Act 1952,(Act XVIII of 1952),
having its Head Office at Finance and Trade
Centre, 3rd. Floor, through its Manager, Law,
Legal, Zonal Office, at 3rd. Floor, Civic
Centre Building, University road,
Gulshan-e-Iqbal,
Karachi. …………………………………………………………… Plaintiff
V E R S U S
Muhammad Shareef S/o. Sudagar,
Muslim, adult, R/o. R/ 789,
Sector 33-E,
Korangi,
Karachi. ……………………………………………………………… Defendant
SUIT FOR RECOVERY OF RS.09,74,173/94/=
UNDER SECTION 30 OF H.B.F.C ACT, XVIII
READ WITH RECOVERY OF LOAN,
ADVANCES, CREDITS AND FINANCE ACT 1997.
The above-named plaintiff begs to submit as follows:-
1. That the plaintiff is Corporation, incorporated under the House Building Finance Corporation Act, 1952, (Act XVIII of 1952) & has its office at Karachi at Finance and Trade Centre Shahrah-e-Faisal, Karachi and a Zonal office at Civic Centre Building, Main University Road, Gulshan-e-Iqbal, Karachi, who provides financial facilities to the citizen for constructions.
2. That against proposal and at the request of partner/defendant, the plaintiff agreed to invest a sum of Rs.94, 000/= for construction of house/flat on a plot of land bearing No.R/789, measuring 120 Sq.yards, situated at Sector 33-E, Korangi, Karachi, which was leased out to him/her on 19-11-78 vide registration No.7029, A/c. No.103---105----/1Q23 with the Sub-Registrar T.Division Karachi. However Rs.90, 0000/- were disbursed out of Rs.94, 000/-.
3. That the above said sum was distrust by the plaintiff to the defendant in four instalments as under: -
(1) Rs.40,000/= (2) Rs.30,000/= (3) Rs.20,000/= (4) Rs. -----/=
the above entire amount was re-payable by the defendant to the plaintiff in monthly installments of Rs.1031/21/= towards the re-payment of principal alongwith and payment of the agreed interest to the plaintiff accordingly per terms and conditions agreed between the parties at the rate of Rs.12% per annum.
4. That in, consideration of the investment made by the plaintiff as aforesaid and on payment of first installment of investment of Rs.40,0000/= made by the plaintiff & in consideration of future installments to be made on terms & conditions agreed, the defendant entered into DEED OF MORTGAGE which was executed & registered on 7-03-1979, vide registration No.1827 Page No.82-910 Volume with the Sub-Registrar T-Division Karachi through his constituted attorney Shoukat Ali. The defendant deposited with the plaintiff his original title/Lease Deed & other papers as a security, which is still in his possession. Photocopy of the registered deed of Mortgage Deed/Lease Deed
is filed & marked as Annexure "A".
5. That the plaintiff had paid the above entire amount which was duly received, admitted & fully acknowledge by the defendant who had untilized the aforesaid amount of investment as provided by the plaintiff to the defendant in four installments through account No. K-35604-0, which the defendant maintained with the plaintiff as out in the said deed of mortgage.
6. That as the defendant under the terms of the above said "Deed of Mortgage" undertook to re-pay/refund to the plaintiff in the monthly installment of Rs.1031/21/= (Rupees______ only) (at the revised rate in future) towards the adjustment of principal alongwith interest and other charges etc. to the plaintiff till execution of decree.
7. That the defendant failed & neglected to pay/refund the above agreed stipulated
monthly installments & thus committed default wifullly, which acts of the defendant amounted to breach & a clear infringement of the terms & conditions or the aforesaid Deed of mortgage & partnership, executed registered by him/her in favour of the plaintiff.
8. That failure on part of the defendant, as mentioned in preceding paras, to pay/refund the abovesaid amount of monthly insstallmment towards investment or adjustment against the together with agreed and stipulated interest of rental come, therefore, the plaintiff become entitled under the terms of the above said registered DEED OF MORTGAGE well as under the relevant provisions of HBFC Act, & applicable regulations made thereunder and relevant laws to demand from the defendant named above & to recover the entire amount of investment/ principal alonngwith at the rate of agreed interest & other charges etc. in lump sum, outstanding against the defendant upto 31-08-98 & infuture till the execution of accordingly.
9. That the plaintiff served upon the defendant various notices, reminders, dated --
& Legal notice/demand notice(s) dated------- under land revenue rules/Act ______ & final legal notice dated 18-08-99 U/S 29/30 of HBFC Act 1953 (U/registered post A/D) calling upon the defendant finally to adjust outstanding total/entire amount on account of principle alongwith agreed interest & other charges amounting to Rs.9, 74,173.94 out defendants has failed to pay/adjust the said amount hence this suit.
Photocopy of the said notices, and final legal notice dated 18-8-99, postal receipt are annexed herewith and marked as Annexure " B".
10. That as on 31-08-1999 a sum of total Rs.9, 74,173.94/= is due and payable by the defendant to the plaintiff on account of principlecapital with at the rate of agreed interest and other charges.
Certified copy of the statement of Account duly verified certified by audit his filed marked as annexed herewith and marked as Annexure "C ".
13. That the cause of action arose in favoure of the Plaintiff and against the Defendant various dated including on 7-3-79 when a registered deed of mortgage was Executed by the Defendant in favour of the Plaintiff, pursuant to which the Defendant received the amount of investment from the Plaintiff on various subsequent dates as recited in preceding paras when monthly installment become due but not paid by the Defendant to the Plaintiff on various dates as recited in para 9 abovementioned when various legal notices and reminders and when final legal notice U/S 29/30 of HBFC Act 1953, dated 08-10-99 was served on the Defendant and continued till to day within the jurisdiction of This Hon'ble Court.
14. That This Hon'ble Court had the jurisdiction in the matter as the Defendant resides and property which is subject matter of the suit, situated within the jurisdiction of This Hon'ble Court falling within the limits of PS________ .
15. That suit is valued for the purpose of jurisdiction and Court fee at 09,74,173-94/= on which prescribed Court fee has been fixed on the plaint and the Plaintiff further undertake to pay difference of Court fee if any payable are required till the realization of the entire/total outstanding amount, on which Court fee stamp for Rs.15,000/= are affixed herewith.
16. That Mr. Muhammad Sajjad Ghafoor who has signed and verified the plaint being Manager Legal/Law authorized officer of the Plaintiff is the Principal officer/attorney of the Plaintiff authorized and empowered to sign and verify the plaint who is well conversant with the facts of the matter/case.
P R A Y E R
It is, therefore, most respectfully prayed that this Hon'ble Court may be pleased to pass the order/Judgement and decree in terms of Section 30 of HBFC Act XVIII of 1952, as under:-
(a) For the delivery to the possession or for the sale of property being House No. R/789, Block No 33-E (ground Floor) constructed on Plot No.789 measuring 120 Sq.Yard and situated at Korangi, Karachi, (Vide registered deed No. ___, dated ____, which had assigned/mortgaged/pledged to the Plaintiff/Corporation on the terms and conditions of abovementioned Deed of mortgage, and such other properties of the Defendant(s) if sale proceed of the above referred above property, is found in sufficient to cover the entire claim/dues amountig to Rs.9,74,173.94/= on with future agreed interest at the contractual rates till realization, cost other charges etc.
(b) An injunction restraining the Defendant, surety and every body claiming through him in any manner removing or disposing off the abovementioned property alongwith Plot referred to in para (a) above.
(c) And also for an ad-interim attachment the property as referred to in para (a) above and such other properties of the Defendant if in the opinion of This Hon'ble Court would be in sufficient to cover the claim if the corporation against the Defendant.
(d) Cost of the suit may be awarded.
(e) Any other further or additional relief or relieves which This Hon'ble Court may deems fit and proper in the circumstances of the case.
From on behalf of
PLAINTIFF
House Building Finance Corp.
Principal Officer and Attorney
Advocate For the Petitioner.
Karachi.
Dated:
No comments:
Post a Comment