Peoples Bank vs Ocean Queen Marine (Pvt) Ltd and Others – SC CHC 29/2009-2009

In the case between Peoples Bank and Ocean Queen Marine (Pvt) Ltd and others, the court examined the validity of a guarantee bond (P6) in light of compliance with the Stamp Duty Act. The dispute centered on whether the guarantee bond executed by the 2nd to 6th respondents supporting a loan facility was properly stamped as required by statute. The court held that the guarantee bond had not met the statutory requirements for stamping and that no subsequent action had been taken to correct this deficiency. As a result, the initial dismissal of the petitioner’s case against the 2nd to 6th respondents by the trial court was affirmed. The decision reinforced the principle that statutory requirements concerning stamp duty must be strictly complied with for such documents to be admissible and effe