Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss. 9 & 10---Civil Procedure Code (V of 1908), S. 47---Contract Act (IX of 1872), S. 151---Suit for recovery of finance facility---Leave to defend the suit---Pledged goods---Care to be taken by bailee---Executing Court, powers of---Plea raised by defendant company was that finance facility was secured against facility of hypothecation of stocks and not against pledge and if pledgor could not account for goods, it could not ask for return of money---Validity---Executing Court under S. 47, C.P.C. was fully empowered and competent to decide all questions regarding execution, discharge or satisfaction of decree---All objections by defendant regarding security of pledge could be adjudged at the time of execution of decree by Executing Court---Questions of accounting for and tracing of security of pledged stocks could also take place before Executing Court---Defendant company in its petition for leave to appear and defend the suit had nowhere specifically asserted that plaintiff bank mis-appropriated pledged stocks or that it failed to take care of pledged stocks as were required by it in terms of S. 151 of Contract Act, 1872---Petition for leave to appear and defend the suit was dismissed---Suit was decreed in circumstances. Askari Bank Limited v. Waleed Junaid Industries and others 2012 CLD 1681 distinguished. Messrs Crystal Enterprises and others v. Platinum Commercial Bank Limited and others 2002 CLD 868; Habib Bank Limited v. Orient Rice Mills Limited and others 2004 CLD 1289; Messrs Muhammad Siddique Muhammad Umar v. The Australiasia Bank Limited PLD 1966 SC 684; Apollo Textile Mills Limited v. Soneri Bank Limited 2012 CLD 337 and Siddique Woollen Mills and others v. Allied Bank of Pakistan 2003 CLD 1033 ref. JUDGMENT SHAMS MEHMOOD MIRZA, J.---The plaintiff bank has filed the present suit under section 9 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (the "Ordinance") for recovery of Rs.194,248,526.82 as per the terms of the prayer made in the plaint. The said liability is stated to have arisen under the Cash Finance (Pledge) facility ("CF facility") and…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492