Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss. 9 & 10--Suit for recovery of loan---Application for leave to defend suit---Defendant in his application for leave to defend suit had admitted the liability in the sum of Rs.165,257,526.95---Counsel for plaintiff bank submitted that he would be satisfied, if interim decree was passed for the said admitted amount of liability--counsel for the defendant had also no objection for passing interim decree for said admitted amount and had further prayed that his application for leave to defend be allowed---By consent of the counsel, application for leave to defend was allowed and same was converted into written statement---On request of both counsel of the parties, Court appointed a Charted Accountant as Commissioner to resolve the controversy. ORDER MUHAMMAD ALI MAZHAR, J.--- While hearing the leave to defend application learned counsel for the plaintiff drawn the attention of this court to the Paragraph of 26 of the leave to defend application, in which the defendant has admitted the liability in the sum of Rs.165,267,526.95. Learned counsel for the plaintiff submits that he will be satisfied, if interim decree is passed for the admitted amount of liability. Learned counsel for the defendant has also no objection for passing interim decree for the aforesaid admitted amount and he further prays that his leave to defend application may be…

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