https://www.taxtmi.com/caselaws?id=289285 The court held that the transaction was a pledge, not a bailment, and found the bank liable for non-delivery of the plant. It rejected frustration of contract arguments and deemed Punjab National Bank unnecessary in the suit. The bank failed to deliver possession and was aware of the Pakistan Government's conditions. Evidence supported the distillers' claims, leading to a decree in their favor for Rs. 2,59,166/12 with interest and costs awarded. The bank's cross-objections were dismissed, and the appeal was allowed. en-us Wed, 05 Oct 1977 00:00:00 +0530 Thu, 23 Jul 2020 17:16:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289285 The court held that the transaction was a pledge, not a bailment, and found the bank liable for non-delivery of the plant. It rejected frustration of contract arguments and deemed Punjab National Bank unnecessary in the suit. The bank failed to deliver possession and was aware of the Pakistan Government's conditions. Evidence supported the distillers' claims, leading to a decree in their favor for Rs. 2,59,166/12 with interest and costs awarded. The bank's cross-objections were dismissed, and the appeal was allowed. Case-Laws Companies Law Wed, 05 Oct 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289285