Home Business & Finance SHC dismisses petitions of Elahi Group in loan default case

SHC dismisses petitions of Elahi Group in loan default case

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The Sindh High Court dismissed petitions of Elahi Group in a case pertaining to defaults of significant amounts of payments that were due to a local bank.

The Honorable High Court dismissed Constitutional Petitions number D-732 and D-733 of 2020 against the Federation of Pakistan, SBP and BankIslami.

The respective petitions were filed by Danish Elahi and Shazia Arif who are sole proprietors of the Elahi Group of Companies and Zafar Agencies. According to arguments from the petitioners it was stated that reporting was malafide and illegal constituting an act of coercion to obtain payments from the parties that were not due and that the State Bank of Pakistan acted in dereliction of its statutory duty while its functionaries failed to apply their minds to the requests made by the petitioners.

The Sindh High Court dismissed both petitions and allowed the Electronic Credit Information Bureau (eCIB) to continue reflecting the overdue payments, which stand at PKR 1.392 billion according to the plaints, against the accounts of the petitioners, the Court order stated. SHC dismisses petitions of Elahi Group in loan default case

The Sindh High Court dismissed petitions of Elahi Group in a case pertaining to defaults of significant amounts of payments that were due to a local bank.

The Honorable High Court dismissed Constitutional Petitions number D-732 and D-733 of 2020 against the Federation of Pakistan, SBP and BankIslami.

The respective petitions were filed by Danish Elahi and Shazia Arif who are sole proprietors of the Elahi Group of Companies and Zafar Agencies. According to arguments from the petitioners it was stated that reporting was malafide and illegal constituting an act of coercion to obtain payments from the parties that were not due and that the State Bank of Pakistan acted in dereliction of its statutory duty while its functionaries failed to apply their minds to the requests made by the petitioners. 

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