Suit No.684/2009

Date Order with signature of Judge

1.For hearing of CMA No.4901/09 (U/O XXXIX R.1&2 CPC)

2.For hearing of CMA No.5120/09(U/O XXXIX Rule 4 CPC)

3.For hearing of CMA No.5121/09(U/S 94 CPC)

(Notice on abovementioned application issued for 22.05.2009)

22.05.2009

M/s Khalid Jawed Khan, Abdul Sattar Pirzada and Rana Ikramullah Advocates alongwith Plaintiff No.3.

M/s Abid Zuberi, Umer Lakhani & Haseeb Jamali Adv. alongwith Defendants No.1& 2.

Mr. Izhar Muhammad Advocate Standard Chartered Bank.

Mr. Jehangir Kazi, Manager (Legal) Standard Chartered Bank in consequent to order dated 20.05.2009 has affected appearance and placed on record the documents as were directed. The said documents are taken on record.

Through instant suit, Plaintiffs seek dissolution of partnership firm i.e. Plaintiff No.1 of which Plaintiffs No.2 & 3 and Defendants No.1 & 2 are partners. It is further asserted that Defendants No.1 & 2, in breach of Partnership Agreement are running parallel business through another partnership viz. Defendant No.3.

Learned counsel of both the parties agree that since Plaintiff No.1 is an admitted partnership, therefore upon filing of suit i.e. 14.05.2009 it stood dissolved and Nazir be appointed for taking accounts and the question as to whether Defendants No.1 & 2 were running a parallel business through Defendant No.3 can be sorted out subsequently. Consequently, listed applications, by consent of all present, are decided in the following manner:

(i) Nazir shall take accounts of Plaintiff No.1 in terms of Partnership Deed dated 08.04.2006 upto the date of dissolution i.e. 14.05.2009. Plaintiffs No.2 & 3 as well as Defendants No.1 & 2 shall provide all necessary assistance, information and accounts to the Nazir and if the need be the Nazir may appoint a Chartered Accountant to ascertain the rights and liabilities of the parties and the fee of the Chartered Accountant shall be borne equally by both the parties.

(ii) Defendants No.1 & 2 shall place before the Nazir the statements of all accounts maintained by Defendant No.3 as on 14.05.2009 and would submit surety for the aggregate amount available in the account and upon submission of surety, the Defendants would be at liberty to operate the accounts of Defendant No.3 and the orders dated 14.05.2009 and 22.05.2009 shall cease to exist.

(iii) All the outstanding receipts of Plaintiff No.1, if any, shall be deposited with the Nazir in separate account and would be distributed between them upon determination of their rights and liabilities in terms of Partnership Agreement.

(iv) No payment for which services were rendered by Plaintiff No.1 shall be taken in the account of Defendant No.3.

Judge