Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss. 9 & 10---Suit for recovery of loan amount---Leave to defend suit, application for---Loan obtained from Bank 'P' having merged into another Bank 'A' which also merged in another Bank 'S' (plaintiff Bank)---Suit filed by plaintiff through a person holding Power of Attorney from Bank 'A'---Plea of defendant claiming to be customer of Bank 'P' that plaintiff Bank had filed suit without resolution of its Board of Directors-Validity--All liabilities, interests and accounts of Bank 'P' after its merger into Bank 'A' and then merger of Bank 'A' into plaintiff-Bank stood transferred to latter---Obligations and liabilities owned by defendant to Bank . 'P' under Finance Agreement as result of is merger into Bank 'A' and then merger of Bank 'A' into plaintiff Bank stood transferred to plaintiff Bank---Such mergers published in widely circulated newspapers had taken place with approval of State Bank and Ministry of Finance---Defendant had admitted execution of documents in favour of Bank 'P' and Bank 'A'---Payments made by defendant were not supported by documentary evidence---Defendant in leave application had not raised any substantial question of law and fact---Defendant while filing leave application had not complied with mandatory requirements of S. 10(4) of Financial Institutions (Recovery of Finances) Ordinance, 2001---High Court dismissed leave application in circumstances. ORDER MS. RUKHSANA AHMED, J.---The plaintiff/Bank being the assignee and successor in interest of ABN Amro Bank (Pakistan Limited) which has subsequently merged into the plaintiff Bank, has filed the present suit against the defendant for recovery of Rs. 137,216,749 along with costs of funds from the date of default till its realization, sale of mortgaged property, pledged goods and other reliefs under the Financial Institutions (Recovery of Finances) Ordinance 2001, as the defendant had applied to the plaintiff to avail various finance facilities like Finance against Trust Receipt, Letter of Credit and Finance against imported merchandise from the plaintiff/ Bank. The defendant is the sole proprietor of Vaid…

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