2020 LHC 655 Judgment Reserving Equivalent Payment
Securities Exchange Commission of Pakistan Vs. Innovative Investment Bank Limited
ABID AZIZ SHEIKH. This application has been presented by Joint Official Liquidators (JOLs), seeking fresh approval for further payment of Rs.11 Million each to eligible claimants in Category 1 and 2 of the creditors while reserving
2 C.O No.46/2010 equivalent payment of each claimant in Category-3 inline with the scheme of distribution approved
earlier by this Court (herein after referred to as distribution scheme). Learned JOLs submits that further payment of Rs.11 million may be allowed to be paid to creditors in Category 1 and 2 while reserving equivalent amount for claimants in Category-3 as per distribution scheme in the instant application.
- Learned counsel for the International Finance Corporation (IFC) vehemently opposed and raised objections on the instant scheme of distribution. He submits that IFC is a secured creditor and a first charge holder of assets of respondent Bank under liquidation (IIBL), on the basis of loan agreement dated 29.6.2005, letter of hypothecation dated
29.6.2005, certificate of registration of charge dated 01.7.2005, restructuring and a mendatory agreement dated 01.10.2009, assignment and custodian agreement dated July 2009 and custodian account agreement dated 15.7.2009. He therefore submits
that on the basis of above charge documents, Download Judgment