--Suit for declaration, recovery of damages---Inter-pleader claim----Water And Power Development Authority filed suit seeking declaration to the effect that it was lawful owner of all rights of Sukuks and was also entitled to Ijara rentals with accumulated markup / profits-

 2022 CLC 974

Civil Procedure Code (V of 1908), S.88, O.XXXV, Rr.3 & 4---Suit for declaration, recovery of damages---Inter-pleader claim---Water And Power Development Authority filed suit seeking declaration to the effect that it was lawful owner of all rights of Sukuks and was also entitled to Ijara rentals with accumulated markup / profits---Appellants / defendants were financial institutions who filed inter-pleader suits and raised their counter claims over Sukuks against respondent / plaintiff--- Suit filed by respondent / plaintiff was decreed by Trial Court--- Validity--- Respondents / plaintiffs tried to shield themselves from any liability with reference to their negligence by filing inter-pleader suit and thereafter claiming that the only issue which needed determination in inter-pleader suit was as to whom payment of Ijara should be made, that was to decide who was the owner of disputed Sukuks---Respondents / plaintiffs failed to make out a case of fraud and case of negligence and breach of duties was evident from evidence---Contention of respondents / plaintiffs that their was no cogent evidence of negligence and breach of duty by its employees was without bases, as their own documents testified to the negligence--- Respondents / plaintiffs were liable for negligence which resulted in duplication of 72 Sukuk certificates and failed to provide investors with required contractual duty of care and trust--- Such facts were evident from their own fact finding report, special audit report and audit report---Respondents / plaintiffs were liable to pay price of 72 Sukuk certificates which were claimed and it did not sell and by way of compensation it could not recover Ijara payments on account of its own negligence and payments made by appellant / defendant were suffice as compensation---Appellant / defendant did not claim any Specific loss or damage from respondents / plaintiffs and compensation in the form of retaining Ijara payments was to compensate for negligence caused by respondents/plaintiffs---High Court set aside the judgment and decree passed by Trial Court