Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------S. 10---Leave to defend the suit---Banking Court---Responsibility---Documents to be appreciated---Banking Court dismissed leave to defend application filed by defendants and decreed the suit in favour of bank---Plea raised by defendants was that besides raising various preliminary objections, they had also framed questions of law but Banking Court without appreciating the same dismissed leave to defend the suit application--Validity-While deciding leave to defend application, heavy responsibility rested upon Banking Court to appreciate not only the contents of plaint but also leave to defend application and replication, if any filed---In order to pass a speaking order with sound reasoning, it was necessary to look into facts of the case and also consider documents attached with plaint, leave to defend application and replication---After going through entire pleadings of parties, it was obligatory upon Banking Court to decide question of law raised in leave to defend application and not to dismiss or reject it in perfunctory and cursory manner---In banking suit it was a sole opportunity for defendants to apply for leave to defend and their entire future rested upon its decision, therefore, in all fairness defendants had legitimate right to be heard and all questions of law and facts raised in leave to defend application should be answered by Banking Court for the reason that on rejection of leave to defend, defendants were to go out of arena without any further opportunity to defend---Judgment and decree passed by Banking Court against defendants and order dismissing leave to defend application could not be sustained and the same was set aside---High Court remanded the case to Banking Court to decide leave to defend application afresh in accordance with law---Appeal was allowed accordingly. Messrs Kinza Fashion (Pvt.) Ltd. v. Messrs Habib Bank Ltd. 2009 CLD 1440; Messrs Haq Feed Industries (Pvt.) Limited v. National Development Finance Corporation 2007 CLD 975; Habib-ur-Rehman v. Judge Banking Court No. 4 Lahore 2006 CLD 217 and Messrs Naeem Associates v. Allied Bank of Pakistan Limited…

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