Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S. 9---Specific Relief Act (I of 1877), Ss.42, 54 & 39---Suit for declaration, injunction, cancellation of documents and recovery of damages---Non-filing of statement of accounts---Borrower company, filed suit against Bank alleging that at the time of execution of finance agreement, Bank received blank documents which had been misused---Validity---Plaintiff in order to avoid repayment of finance facilities availed, filed suit as a counter blast---To establish series of allegations levelled by plaintiff regarding causing of alleged damages as agitated in the suit, was absolutely and unquestionably lay on the part of plaintiff that alleged losses and damages were caused by an act, omission or unnecessary negligence committed by defendant (financial institution) or defendant had deliberately failed to comply with its responsibility for which defendant was bound under correspondence and documents duly executed between the parties---Plaintiff failed to establish its claim of damages against defendant through persuasive evidence supported by relevant documents---Defendant Bank, in circumstances, did not commit any breach of contractual obligations---Statement of accounts was a necessary document for a suit to be maintainable before Banking Court, which was lacking---Plaintiff in order to establish its claim did not attach statement of accounts---Suit was dismissed in circumstances. Messrs C.M. Textile Mills Pvt. Limited through Chairman and 5 others v. Investment Corporation of Pakistan 2004 CLD 587 ref. JUDGMENT SHEZADA MAZHAR. J.---This suit has been filed by a customer against the defendant bank under section 9 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 for declaration, rendition of accounts, redemption, cancellation of documents, permanent and perpetual injunction and recovery of Rs.45,57,45,000 by way of damages. 2. The facts of the case as per contents of the plaint are that on the obsequious assurances of the defendant, the plaintiff accepted the proposals for obtaining certain finance facilities for growing business requirements. The plaintiff agreed…

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