Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)------Ss. 9, 3 & 22---Finance agreement---Cost of fund, award of---Suit for recovery of amount was decreed with costs and costs of fund from the date of institution of the suit till realization---Bank filed appeal against the decree claiming the funds from the date of the default which according to it was 9-9-1992---Validity---Finance Agreement was dated 16-9-1991, which according to the Bank expired on 9-9-1992 and which allegedly was the date of default---Bank remained indolent for 10 years and filed suit for recovery on 20-1-2003---No legal justification was available for awarding the costs of funds from the alleged date of default i.e.9-9-1992---Judgment-debtor could not be penalized for the inaction of the Bank---Trial Court had already granted the costs of fund from the date of institution of the suit---Bank admitted that decree already stood satisfied-Appeal of the Bank having no merit was dismissed by the High Court with direction to the Bank to release the security documents of the -debtor within ten days from the date of present order. ORDER The plaintiff/appellant-Bank filed a suit on 20-1-2003 for recovery of Rs.2,37,10620.12 on the basis of Finance Agreement, dated 16-9-1991. The said suit was decreed vide judgment/decree, dated 4th May, 2005, for recovery of Rs.63,49,562.00 with costs and costs of fund from the date of institution of the suit till realization. This appeal has been filed against the aforementioned decree…

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