Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss. 9 & 10---Suit for recovery of amount for loss suffered by customer due to delayed encashment of his US Dollars by Bank and difference of its conversion rate on relevant dates---Subsequent suit for recovery of finance by Bank against customer---Filing of leave applications by both parties in suit filed against each other---Banking Court dismissed customer's leave application and decreed Bank's suit, while dismissed customer's suit---Validity---Findings of Banking Court were erroneous to the effect that customer had failed to substantiate his objections to statement of accounts filed by Bank and competence of its attorney to institute subsequent suit---Banking Court had accepted Bank's leave application by observing that questions raised therein would require determination on basis of evidence---When there were triable issues in one suit as per such observations of Banking Court, then same would hold true for other suit---Banking Court had erred in law by dismissing customer's suit---High Court set aside impugned and decree and remanded case to Banking Court for its decision afresh while deeming customer's leave application as pending. Messrs Ali Match Industries Ltd. and 3 others v. Industrial Development Bank of Pakistan 1997 SCMR 943; Faisal Bank Limited v. Badin Board Mills and 6 others 2010 CLD 442; United Bank Limited v. Messrs Ilyas Enterprises through Proprietor Mr. Ilyas Malik and 2 others 2004 CLD 1338; Messrs Ittefaq Industries (Regd.) through Managing Partner and 2 others v. Bank of Punjab through Duly Constituted Attorney 2004 CLD 1356; United Bank Limited v. Tanvir Khalid 2003 CLD 291; Muhammad Ramzan and 4 others v. Agricultural Development Bank of Pakistan through Manager 2004 CLD 1376 and Messrs Al-Kashmir Traders and 6 others v. United Bank Limited through Muhammad Jarar 2005 CLD 1116 ref. Appollo Textile Mills Ltd. and others v. Soneri Bank Ltd. PLD 2012 SC 268 and Habib Bank Ltd. (Foreign Exchange Branch) v. Dost Muhammad Cotton Mills Ltd. and others PLD 1997 Kar. 331 rel. JUDGMENT MAMOON RASHID SHEIKH, J.---This appeal under section 22 of the Financial…

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