KARACHI, May 1: Justice Shabbir Ahmad of the Sindh High Court set aside a decree of Rs58.138 million in favour of UBL against Messrs A.I. Brothers (Private) Ltd and it’s guarantors.

The defendant’s company/ principal borrower is owner/ operator of Hotel Regency, Dr Dawood Pota Road, near Karachi Cantt Station.

The decree of Rs58.138 million along with 16 per cent markup P.A. as well as for the foreclosure of mortgage property was passed on Jan 19, 2001.

The defendants had moved the applications to recall the judgement and decree dated April 11, 2002, and after hearing the counsel of both the parties, the order on the applications to set aside the decree was reserved, which was subsequently announced in the open court.

Justice Shabbir Ahmad held that according to the High Court Rules, if an advocate is from outside Karachi, an intimation through registered post was required to intimate him regarding the date fixed. This procedure was not followed in this case.

Justice Ahmed also held that for the purpose of security, the mortgage property should be treated as attached and to be treated as security and expartee decree/judgment in favour of UBL was recalled/set aside.

Ijaz Ahmed, advocate, appeared for UBL, while Saalim Salam Ansari, advocate, appeared for the defendants/ borrowers.