Law:

Section:

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss. 2(c), 2(d), 2(f), 5, 7, 9 & 22---Specific Relief Act (I of 1877), Ss. 42 & 55---Suit for declaration, along with mandatory injunction as a consequential relief, was filed by the appellant before the Banking Court claiming to be a benami owner of Deposit Growth Certificates purchased by him in the name of his mother and grandfather---Appellant sought a decree that he was the actual owner and holder of the Deposit Growth Certificates and was entitled to receive the entire amount of the certificates along with the mark-up/interest, and a direction against the Bank to make the said payment---Banking Court disposed of the suit observing that as the Certificates were being claimed by the appellant to be in the names of his deceased relatives, therefore, the appellant should either obtain a succession certificate in respect of Deposit Growth Certificates or he may seek a decree for declaration from the court of competent jurisdiction on the ground that the appellant is a benami owner of these certificates---Aggrieved of the order of the Banking Court, the appellant filed an appeal before the High Court---Contention of the appellant was that he was within the jurisdiction of the Banking Court in terms of S. 7 of the Ordinance, therefore, the impugn order was against the law---Appellant further argued that initially he had filed a suit for declaration with consequential relief before the Civil Court but the plaint was returned and upon the return of the plaint the appellant filed the suit before the Banking Court---Bank argued that no such fact as to the return of the plaint from civil court or an appeal filed against the order of the civil court was mentioned in the plaint before the Banking Court, however, such plea was being taken by the appellant for the first time in appeal---Bank contended that the suit filed by the appellant was not maintainable before the Banking Court---Validity---Accumulative effect of Ss.2(c), 2(d), 2(f) & 9 of the Ordinance was that where a customer or a financial institution committed a default in fulfilment of any obligation with regard to any…

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