Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss. 9(2) & 10---Recovery of bank loan---Leave to defend suit---Statement of accounts---Defendants, application for leave to defend the suit did not deny having taken the loan---Plea raised by defendants was that statement of accounts provided by bank did not fulfil requirement of S. 9(2) of Financial Institutions (Recovery of Finances) Ordinance, 2001, and the suit was not filed by authorized persons---Validity---Bank gave statement of accounts in sufficient detail and break-up, not only therein but also in the body of plaint, and the same had met the requirements of S. 9 of Financial Institutions (Recovery of Finances) Ordinance, 2001, as the requisite information was ably communicated to the defendants---Documents attached with plaint showed that the suit was competently filed---No substantial question of law and facts was raised by defendants in their application for leave to defend that required recording of evidence for which leave was necessary---Defendants had also admitted their liability and no case for leave was made out--- Application was dismissed in circumstances. C.M. Textile Mills (Pvt.) Limited through Chairman and 5 others v. Investment Corporation of Pakistan 2004 CLD 587; Bank of Punjab through Manager v. Mrs. Mah Tallat Sultan and another 2006 CLD 773; National Bank of Pakistan through Manager v. Messrs Mujahid Nawaz Cotton Ginners through Partners and 6 others 2007 CLD 678; Bankers Equity Limited and 5 others v. Messrs Bentonite Pakistan Limited through Chief Executive and 7 others 2010 CLD 65 and Soneri Bank Limited v. Classic Denim Mills (Pvt.) Limited and 3 others 2011 CLD 408 ref. ORDER SALMAN HAMID, J.--- A suit for recovery of Rs.98,559,237.50 under Financial Institutions (Recovery of Finances) Ordinance 2001 (Ordinance 2001) was filed by the plaintiff against defendants Nos.1 to 3, wherein it was claimed that at the request of such defendants the plaintiff sanctioned four financial facilities in favour of defendant No.1 i.e. (1) Cash Finances (Pledged) of Pak. Rs.100 million, (2) Cash Finances (Hypothecation) of Pak. Rs.78 Million, (3) FE 25 (Export…

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