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

Section: 9,10,12,9(4)

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

Section: 9,10,12,9(4)

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 9, 10 & 12---Leave to defend suit---Time barred application---Suit filed by respondent was decreed against appellant Bank as it did not file application for leave to defend the suit within statutory period---Validity---Appellant Bank despite service through publication did not approach Trial Court to obtain copy of plaint enabling same to file application for leave to defend the suit within stipulated period---Failure of appellant Bank to obtain leave to defend the suit as required under law left no option with Trial Court but to decree the suit based on averments made in plaint, in terms of S. 9(4) of Financial Institutions (Recovery of Finances) Ordinance, 2001---No illegality was committed by Banking Court, which could be taken care of---Appeal was dismissed in circumstances. Messrs Ahmed Autos and another v. Allied Bank of Pakistan Limited PLD 1990 SC 497 and Messrs Simnwa Polypropylene (Pvt.) Ltd. and others v. Messrs National Bank of Pakistan 2002 SCMR 476 rel. Messrs Qureshi Salt and Spices Industries, Khushab and another v. Muslim Commercial Bank Limited, Karachi through President and 3 others 1999 SCMR 2353 ref. JUDGMENT MUHAMMAD IQBAL KALHORO, J.---This judgment shall dispose of the instant appeal filed by the appellant against the judgment and decree dated 9-7-2001 passed by the learned Banking Court No.1 Karachi, whereby the Suit No.3932 of 2000 filed the respondent for recovery of Rs.2,000,500 was decreed to the extent of Rs. 15,00,500 along with cost and 14% mark up from filing of the suit till its realization. 2. The relevant facts in brief are that the respondent filed the above suit pleading wherein that on persuasion of his relative namely Imran Ali working in appellant bank he opened a joint account with his wife there bearing PLS account No. 6193-6 on 23-6-1999 by making an initial cash deposit of Rs.500. On the same day, he deposited Rs.15 Lacs through a cross cheque No. 689675 drawn on HBL Foreign Exchange Branch, Karachi dated 22-6-1999. He then made an enquiry in respect of his account position on 27-11-1999 but was informed that no amount of Rs.15 lacs…

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