Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss. 9 & 10---Suit for recovery of bank loan---Leave to defend suit, application for---Availing of finance facility and execution of documents by defendant not denied---Such application not filed in conformity with provisions of S. 10(4) of Financial Institutions (Recovery of Finances) Ordinance, 2001---Filing of copy of ledger maintained by defendant containing debit and credit entries in rebuttal of statement of accounts filed by Bank showing break-up of outstanding amount---Validity---Defendant had admitted availing of loan facility and execution of documents---Defendant had not Pointed any unauthorized entry of charges in such break-up claim filed by Bank---Such break-up showed amount availed and payments made by defendant and mark-up accrued thereon---High Court dismissed leave application and decreed the suit in circumstances. JUDGMENT MUHAMMAD TASNIM, J.---This suit has been filed by the plaintiff under Section 9 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (hereinafter called "Ordinance 2001") for a Decree in the sum of Rs.5,68,77,200 with a prayer for a decree for sale of mortgaged property for appointment of receiver for properties mentioned in the plaint with costs of funds at the prevailing rates from the date of default till its realization along with costs of the Suit. 2. The facts giving rise to the present suit as per plaint are summarized as under: 3. That at the request of defendants plaintiff-Bank vide sanction advice dated 14-11-2003 granted running finance facility of Rs.10 Millions. For the aforesaid running finance facility agreement of finance dated 17-12-2003, promissory note, personal guarantees by defendants Nos.2 to 6, letter of hypothecation dated 17-12-2003 were executed by defendants and delivered to the plaintiff. That again at the request of defendants, plaintiff-Bank vide sanction advices dated 8-5-2004, 13-5-2004 and 27-10-2004 granted excess over limit of running finance facility upto Rs.20 Million and in consideration thereof defendants executed and delivered to the plaintiff-Bank agreement of finance, promissory note,…

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