BANGLADESH
SHILPA RIN SANGSTHA ORDER (P.O. 128 OF 1972)
Article—2(t)
Clause
(t) of Article 2of the P.O. 128 of N72: ‘Loan’ includes guarantee or indemnity
which the Sangstha may give on behalf Of an intestinal concern and any
liability which the Sangstha may to incur on behalf of an industrial
concern—Whether the amount paid by shilpa Rin Sangstha to the appellant for
construction of coaster vessel on behalf of the debtor of the Sangstha
according to the terms the tripartite agreement could be viewed as n—In
defining the term ‘Loan’ the clause
has
not employed the word ‘means’ but has instead employed the word ‘includes’ does
not exclude other possible meanings besides what have been expressly mentioned
in the clause—By providing the inclusive definition of the term ‘Loan’, the
clause has only enumerated one, or two transactions or matters such as
‘guarantee” or “indemnity” and “any liability” but not all kinds of
transactions or matters—The term ‘Loan’ may, therefore be extended to such
transaction as had arisen under the tripartite agreement.
Dira
Duckyard and Engineers Ltd. and others Vs. Bangladesh Shilpa Rin Sangstha and
others; 7 BLD (AD) 169.
Article—33
Summary
procedure for recovery of the loan granted by Shilpa Rin Sangstha— Whether Sangstha
can take recourse to such summary procedure for recovery of the amount paid by
it to the appellant for construction of the coaster vessel on behalf of the
borrower under a tripartite agreement or the amount is to be recovered by money
suit—The amount paid by the Sangstha to the appellant for the purpose mentioned
in the agreement is a liability which has been incurred by the Sangstha on
account of the borrower—The amount paid to the appellant under the tripartite
agreement is or becomes part of the loan granted to the borrower— Once the
amount so paid to the appellant becomes ‘loan’ as defined in the Shilpa Rin
Sangstha Order 1972 not only the borrower to whom the loan was granted but also
the appellant who has received a part of that loan becomes liable for payment
of that loan— When there is any breach of any condition of the agreement the
Sangstha may proceed to recover the loan according to the summary procedure
laid down in Article 33—If it can be established that somebody else also
received part of the loan under some legal agreement such person becomes liable
for payment of that loan and is also amenable to the procedure for recovery of
such loan.
Dira
Dockyard and Engineers Ltd. and others vs. Bangladesh Shil-pa Rin Sangstha and
others; 7BLD (AD) 169
Ref:
PLD 1966 (SC) 738.