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Saturday May 18, 2024

SC dismisses plea seeking more time to furnish bank guarantees in Creek Marina project

SC dismissed appeal against SHC order that turned down application of partner seeking extension of time to furnish bank guarantees worth $5.5 million in Creek Marina construction project

By Jamal Khurshid
April 25, 2024
Vehicles drive past Pakistans Supreme Court in Islamabad on April 5, 2022. — AFP
Vehicles drive past Pakistan's Supreme Court in Islamabad on April 5, 2022. — AFP

KARACHI: The Supreme Court on Wednesday dismissed an appeal against a Sindh High Court (SHC) order that turned down an application of a partner seeking an extension of time to furnish bank guarantees worth $5.5 million in the Creek Marina construction project.

The appellant, Ahmed Kuli Khan Khattak, had assailed a high court order which rejected his plea for an extension of time for submitting the bank guarantees.

The appellant’s counsel, Khawaja Shamsul Islam, argued that the appellant had filed a plea with the SHC, seeking an extension of time given for furnishing the bank guarantees with regard to the purchase of shareholdings of the Creek Marina project, which was allowed by the court for 30 days.

A three-member bench of the apex court, headed by Chief Justice Qazi Faez Isa, inquired the counsel why the appellant had not furnished the bank guarantees even after 12 years.

The Supreme Court observed that the conditions imposed in the order of the high court was not complied with and the appellant did not demonstrate his ability to furnish the bank guarantees within the stipulated time.

The counsel submitted that at that time a US dollar was worth Rs70 and

now it was worth 280 rupees. The chief justice remarked that the appellant was

given relief by the court but he did not submit the guarantees, and dismissed the appeal. The SHC had in 2012 directed the appellant to furnish a bank guarantee to the satisfaction of the Nazir of the court in sum of $5.25 million or equivalent, but interim relief shall be recalled if the plaintiff failed to furnish a guarantee within one month.