Law: Financial Institutions (Recovery of Finances) Ordinance, 2001

Section: 10(4)22

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)---   ----Ss. 10(4) 22---Suit for recovery---Leave to defend, application for---Application for leave to defend was dismissed, and suit was decreed in favour of the plaintiff Bank---Contention of the defendants was that in their application for leave to defend, they had specifically challenged various entries in the statement of accounts and that markup had been charged illegally beyond the expiry period of the facility; and therefore, leave to defend should have been granted to them---Validity---Bank could not charge markup beyond the expiry date of the facility; where the documents and rate of markup were disputed, the same was a ground for leave to defend the suit---Perusal of statement of accounts revealed that in most of entries, particulars of transactions were not given, and therefore, no presumption of truth could be attached to such incomplete statement of accounts and it was not sufficient to decree the suit on basis of the incomplete statement of accounts unless supported by corroborative documents--- Defendants had raised substantial questions of law and facts in the application for leave to defend which could not be decided without the framing of issues and recording of evidence---Impugned order was set aside and defendant’s application for leave to defend was granted and matter was remitted to the Banking Court to decide the matter after framing of issues and recording of evidence---Appeal was allowed accordingly.    Haji Fazal Elahi and Sons through Muhammad Tariq v. Bank of Punjab and another 2004 CLD 162; Allied Bank of Pakistan Limited v. Mrs. Fahmida and 2 others 2004 CLD 110; Muhammad Ayub Khan v. Husssain Khan and others NLR 1981 SCJ 281; Bankers Equity Limited and 5 others v. Messrs Bentonite Pakistan Limited through Chief Executive and 7 others 2010 CLD 651; Bankers Equity Limited through Principal Law Officer and 5 others v. Messrs Bentonite Pakistan Limited and 7 others 2003 CLD 931 and Apollo Textile Mills Limited and others v. Soneri Bank Limited 2012 CLD 337 rel.    Apollo Textile Mills Limited and others v. Soneri Bank Limited 2012 CLD…

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