Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------S. 9---Recovery of bank loan---Mark up on mark up---Despite notices issued to defendants, they did not file application for leave to defend the suit---Nothing was available on record whereby it could be deduced that amounts claimed by bank were not due and payable by defendants to bank, more particularly when legal notice was sent, despite receipt by defendants, was not responded to and liability mentioned therein was not disputed or denied---Defendants had only mentioned that they would revert back to it in due course of time---Validity---Principal outstanding amount and agreed profit together with cost of funds as calculated by plaintiff was accepted against Murabaha facility and Ijarah facility---Charity against Murabaha and Ijaraha facility was declined inasmuch as the same was nothing but mark up on mark up and could not be allowed in any form---Suit of bank was decreed to the extent of amounts mentioned in statement of summary of accounts minus charity mentioned against Murabaha and Ijarah finance--- Suit was decreed accordingly. JUDGMENT SALMAN HAMID, J.---This is a suit for recovery of Rs.632,767,927 with cost of funds and for sale of mortgaged/hypothecated properties/assets of the defendants, filed under section 9 of the Financial Institutions (Recovery of Finances) Ordinance 2001 (Ordinance 2001) due and payable from 23-12-2010. 2. After presentation of the plaint on 30-12-2010, process under section 9(5) of Ordinance 2001 were issued to the defendants Nos.1 to 7 by all modes. Receipt of courier, registered post acknowledgement due and publications of daily Dawn and Daily Jang Lahore and Rawalpindi all dated 11-1-2011 are available on record and show that the defendants have been duly served. The record would further show that despite service on above defendants and despite lapse of statutory period for filing leave to defend application, no application was filed. This case, as a result was put up for final disposal in Court on 1-3-2011. On such date the injunction application (C.M.A No.13178 of 2010) for an order, restraining the defendants from creating third party interest…

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