INDUSTRIAL DEVELOPMENT BANK OF PAKISTAN LTD. vs BLUE STAR HOTEL (PVT.)
This matter arises from a petition for leave to appeal filed by the Industrial Development Bank of Pakistan Ltd. against Blue Star Hotel (Pvt.), challenging the judgment of the Lahore High Court, Rawalpindi Bench. The core legal questions concern the interpretation and application of Circular No. 19 issued by the State Bank of Pakistan, the extent of the High Court's authority to modify stipulated periods or grant relief under an expired circular, and whether such circulars can alter a final judicial decree. The Supreme Court of Pakistan granted leave to appeal to examine these issues, holding that arguable points of law were raised regarding the misinterpretation of the circular and the modification of a final decree. Pending the final disposal of the appeal, the operation of the impugned judgment of the High Court was suspended by the Supreme Court.
- Whether the terms and conditions of State Bank of Pakistan Circular No. 19 were misinterpreted and misconstrued by the High Court?
- Whether the High Court could make any amendment, deletion, insertion, addition, or extension in the stipulated period mentioned in Circular No. 19?
- Whether relief could be granted under Circular No. 19 after its expiry when it was no more in existence?
- Whether State Bank of Pakistan Circular No. 19 could change or modify a decree that had attained finality?
ORDER
1. ' Heard Khawaja Muhammad Farooq, learned Senior Advocate Supreme Court on behalf of petitioner, Malik Shahzad Ahmed, learned Advocate Supreme Court for respondent, scanned the entire record with their eminent assistance and perused the judgment impugned with care and caution. We are inclined to grant leave, inter alia, on the following points:--
(i) Whether the terms and conditions as enumerated in Circular No,19 issued by the State Bank of Pakistan have been misinterpreted and misconstrued by the learned Division Bench of the Lahore High Court, Rawalpindi Bench?
(ii) Whether any amendment, deletion, insertion, addition or extension in the stipulated period mentioned in Circular No,19 issued by the State Bank of Pakistan could have been made by the learned Division Bench?
(iii) Whether the package dated 15-2-1999 was given to the respondents pursuant to Circular No,19 issued by the State Bank of Pakistan and any further relief under the said circular could have been given by the learned Division Bench after the expiry of the circular when it was no more in existence?
(iv) Whether Circular No,19 issued by the State Bank of Pakistan could have changed or modified the decree passed in tune of Rs,79,06,785.87 on 12-4-2001 by the learned Judge Banking Court vide judgment/decree dated 24-11-1998, which had attained finality?
2. ' This appeal may be fixed at some early date and till disposal of this appeal operation of the judgment impugned shall remain suspended.