JUDGMENT
The Plaintiff and Defendant entered into a Finance Lease Agreement on 1st October, 2021, upon an offer by Plaintiff on 27th September, 2021. This Agreement was referred to by the Plaintiff as Agreement (A).
The parties subsequently on 28th July, 2022, entered into another Finance Lease Agreement, upon an offer, by Plaintiff on 12th July, 2022. This Agreement was referred to by the Plaintiff as Agreement (B).
Both finance lease agreements were contractual and under terms. This notwithstanding, the contractual relationship is primarily and generally also regulated by statute or legislation. This is the Finance Lease Act, 1993, PNDCL 331.
Section 21 of this Act defines Finance Lease Agreement. It provides:
“finance lease agreement” means a written agreement between two parties by which the lessor undertakes to lease to lessee for the lessee’s use only and against payment of mutually agreed lease rentals over a specified non cancellable period,
(a) either the lessor’s o…