Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------S. 10---Leave to defend the suit---Illegal charging of mark¬up---Failure to give finding on such plea---Principal amount was deposited by the defendants and they raised objections only with regard to charging of mark-up---Plea raised by the defendants was that the mark-up had been charged/ debited illegally against the recognized principles . of charging of mark-up and in violation of circulars issued by State Bank of Pakistan---Banking Court dismissed the application for leave to defend and decreed the, suit in favour of the Bank including the disputed amount of mark¬up---Validity---Defendants had taken a specific plea regarding illegal charging of mark-up but passed by Banking Court did not give any finding on such issue--¬Banking Court was legally obliged to have rendered some findings on the question of charging of mark-up one way or the other as there were instructions /guidelines from the State Bank of Pakistan regarding the charging of mark-up--¬Banking Court having failed to give findings on the issue of charging of mark-up, the defendants had made out a case for grant of leave to defend the suit---High Court granted leave to defend the suit on limited question of charging/ debiting of mark-up as the principal amount had been liquidated- --Judgment and decree passed by the Banking Court was set aside, application for leave to defend the suit was allowed and the case was remanded to Banking Court accordingly. JUDGMENT MIAN HAMID FAROOQ, J.---The present appeal proceeds against judgment and decree dated 22-4-2002, whereby the learned Judge Banking Court dismissed an application for leave to defend the suit, filed by the appellants and consequent thereto passed a decree for the recovery of Rs.25,30,361 against the defendant with costs and mark-up. 2. Facts necessary for the decision of the present appeal are that the respondent filed a suit for the recovery of Rs.25,30,361, against the appellants, before the learned Judge, Banking Court, and pursuant to the receipt of summons, as prescribed under the law, the appellants filed au application for leave to appear and defend the suit,…

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