Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S. 9---Procedure of Banking Court---Persons authorized to file suits for recovery on behalf of Financial Institutions---Requirements in terms of S. 9 of the Financial Institutions (Recovery of Finances) Ordinance, 2001---Scope---An officer of a financial institution who held power of attorney in his/her favour, need not append anything else other than the said power of attorney to demonstrate his/her authority to institute a suit under S. 9 of the Financial Institutions (Recovery of Finances) Ordinance, 2001; and had the same not been the case, S. 9 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 would have required production of further documents other than the power of attorney by the attorney-holder to demonstrate authorization of the person executing power of attorney---Under S. 9 of the Financial Institutions (Recovery of Finances) Ordinance, 2001, therefore, an officer of a Financial Institution, holding power of attorney, was the designated person to file suit on behalf of said Financial Institution. Ihsan-ul-Haq v. MCB Bank Limited 2016 CLC 187 rel. THIS JUDGMENT PASSED BY: SHAMS MEHMOOD MIRZA, JUSTICE:---.--- This is a suit filed under section 9 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (the Ordinance) seeking recovery of Rs.179,209,869.55 from the defendants on account of various finance facilities granted to them and default by them of their payment obligations. 2. Brief facts of the case are that the defendants availed various finance facilities from the plaintiff bank under sanction advice dated 23.10.2013 with expiry on 31.08.2014 including the Cash Finance (CF) and Running Finance (RF). The defendants also executed finance documents in respect to the finance facilities as mentioned in the plaint. The said finance facilities were lastly renewed by the plaintiff bank in the year 2014 through sanction advice dated 26.02.2015 with expiry on 31.08.2015. The defendants once again executed the finance documents as mentioned in paragraph No. 11 of the plaint. As the defendants failed to pay the amounts of the CF and RF facilities…

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