Dynamic Steel (Private) Ltd. v. Kara Steel Mills (Private) Limited – SC CHC/APPEAL7/2012-2019

In the case between Dynamic Steel (Private) Ltd. and Kara Steel Mills (Private) Limited with Faiz‑ur Rahaman, the court considered whether an action for recovery of money was time-barred under the Prescription Ordinance, specifically examining if Section 7 (account stated) or Section 8 (goods sold and delivered) applied. It was held that the action was not prescribed, as the claim was based on an account stated evidenced by annual accounts and admissions in the defendants’ financial statements. The decision reaffirmed that a debt acknowledged and documented in financial records may fall within the longer period under Section 7. Reliance was placed on statutory interpretation and precedent, particularly Silva Vs Silva, clarifying the application of prescription defenses in monetary claims a