Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss. 9 & 22---Suit for recovery of loan---Appeal to High Court---Suit filed by Bank was decreed by Banking Court observing that two defendants having not inherited anything from the deceased ex-Managing Director of the Company, they had no personal liability especially when they were neither guarantors nor had they signed any document---Grievance of Bank was against that part of and decree which had restricted liability of said two defendants to the property inherited by them from deceased ex-Managing Director---Judgment and decree impugned in appeal were 'based on consent of counsel for the Bank---Concession in question purely related to a question of fact---As far as liability of the two defendants to satisfy decree was concerned, it was a consent decree, which was not appealable. JUDGMENT SYED JAMSHED ALI, J.---The suit filed by the appellant-Bank against the respondents was decreed on 8-12-1998 on the basis of the admission of the learned counsel for the defendants. Perusal of the impugned judgment shows that the learned Banking Judge observed that defendants/ respondents 7 and 8 had not inherited anything from the ex-Managing Director namely Muhammad Saeed Akhtar deceased and as such they have no personal liability especially when they are not guarantors nor have they signed any document. Confronted with the above situation, the learned counsel for the plaintiff-Bank stated that he claimed the decree against the said defendants /respondents as legal heirs of the deceased and the decree shall be executed out of the assets which respondents 7 and 8 have inherited from…

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