Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss. 10 & 19--- Suit for recovery--- Application of defendant for leave to defend was dismissed and suit was decreed---Defendant subsequently made application before Executing Court to pay the decretal amount in instalments which. was allowed by the Executing Court---Validity---Defendant had voluntarily accepted the validity of the impugned decree of Banking Court by promising to pay the decretal amount in instalments and the Executing Court had accepted such request of the defendant---Defendant was therefore estopped to question the legality and validity of the impugned decree of Banking Court--Appeal was dismissed. JUDGMENT SYED IFTIKHAR HUSSAIN SHAH, J.---Through this appeal the appellant has assailed the legality of judgment and decree dated 20-8-2009 passed by the learned Judge Banking Court-I, Multan whereby suit instituted by the respondent for the recovery of Rs.20,96,127.67 was decreed. 2. Succinctly, the facts of the case are that Muhammad Rafique appellant No.1 being sole proprietor of M/s. Muhammad Shafique and Brothers 63-B, Grain Market, Khanewal applied for finance facility to the United Bank Ltd. vide application dated 25-5-2004, which was sanctioned/ approved vide Sanction Letter/CA No.2929/WD/04 dated 26-5-2004. Appellant No.1 utilized the limit after completion of all necessary legal documentations on 16-6-2004 including registration of mortgage on 14-6-2004 in favour of the Bank from 25-6-2004 as and when required. On the request of appellant No.1, the respondent Bank renewed cash finance facility to the tune of Rs.2,400,000 on 28-8-2005 on the security of hypothecation of stocks of Seed, Fertilizer and Pesticides and existing mortgaged property. The renewed cash finance facility was repayable on or before 31-5-2006 along with mark-up. Appellant No.1 availed the cash facility in aggregate of Rs.25,62,024.34 against the total repayment in aggregate of Rs.4,65,896.67 and Rs.20,96,127.67 was outstanding against the appellant, which he failed to re-pay the due amount despite the issuance of various notices. 3. The appellants/respondents made a petition for leave to…

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