Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss. 9 & 22---State Bank of Pakistan Circular No. 19 dated 5-6-1997---Suit for recovery of loan---Appeal to High Court---In the matter of one of the appeals, appellant-Bank had very candidly conceded that respondents having made a deposit in accordance within the terms of State Bank's Circular No. 19 dated 5-6-1997 it had neither filed any suit nor undertaken any recovery proceedings---Appellant-Bank had filed suits for recovery of loan amounts against respondents, whereas respondents had filed suits for injunctions against appellant-Bank---Case of respondent was that State Bank's Circular No. 19 dated 5-6-1997, in terms had applied to Chairman of the Bank, who had allowed settlement and that respondents were directed to deposit principal amount plus 5% in each case and said amounts were deposited---Banking Court dismissed suits filed by the Bank and decreed suits of respondents---Contention of Bank was that Chairman, A.D.B.P., had no jurisdiction in the matter inasmuch as loans did not quaky for said relief and that only seven years' old loan could be settled in said manner---All loans in case were seven years old on 5-6-1997 which was the date of Circular No. 19 and period of seven years was to be counted from dates of disbursements---No other points having been urged all appeals filed by Bank, were dismissed, in circumstances. JUDGMENT MAULVI ANWARUL HAQ, J.---This judgment shall decide R.F.As. Nos. 103 to 108 of 2004 as common questions are involved. 2. Before we proceed further we may state here that the learned counsel for the appellant, in the matter of R.F.A. No. 105 of 2004, has very candidly conceded that the respondents had made a deposit in accordance with the terms of the State Bank Circular No. 19 dated 5-6-1997 and that the appellant had not filed any suit or undertaken any recovery proceedings. 3. The admitted facts of the remaining cases are that the appellants had filed suits for recovery of loan amounts against the respondents in these cases while the respondents had…

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