Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)------S.9---Suit for recovery of finance provided for purchase of vehicle---Default in payment of instalments by customer---Suit by Bank for recovery of balance amount after taking possession of vehicle---Maintainability---Agreement between parties provided that on failure of customer to pay any instalment on its due date, Bank would become entitled to demand immediate payment of entire balance amount and take possession of vehicle and sell the same---Bank, after taking possession of vehicle sold same and credited its sale proceedings to customer's account---Bank, after taking possession of vehicle, was not left without any remedy regarding recovery of balance amount---Customer in leave application had not denied execution of documents, availing of finance facility and delivery of possession of vehicle to him---Suit was decreed in circumstances. JUDGMENT MIAN HAMID FAROOQ, J.---Present appeal, filed by the. appellant/judgment, debtor, proceeds against judgment and decree, dated 4-1-2006, whereby the learned Judge Banking Court dismissed appellant's leave application and simultaneously passed a decree for the recovery of Rs.9,41,380 with costs of suit and costs of funds against the appellant. 2. Precisely stated facts of the case are that the respondent-Bank on 20-5-1999, filed the suit for recovery of Rs.14,38,018 against the appellant, before the .then learned Judge Banking Court, inter alia, pleading that a financial facility of Rs.8,36,380 under Prime Minister's Transport Programe Scheme, for the purchase of vehicle, was provided to the appellant, he deposited his 10% equity share, charge documents were executed by him; the financial facility was availed by the appellant, who got the delivery of the vehicle, and that failure to liquidate the outstanding liabilities by the appellant necessitated filing of the suit. Upon presentation of the plaint, the learned Banking Court issued summons to the appellant through all the modes of service, as provided under the law, however, he did not appear and failed to file application for the grant of leave to defend the suit within the stipulated…

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