Law:

Section:

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)------- --------S. 9-------Suit for recovery of loan amount-------Filing of-------Application for leave to defend the suit-------Substantial question of law and fact-------Scope-------Finance facility-------Banking Court dismissed the application for leave to defend the suit and decreed suit filed by the plaintiff-------Validity-------Financial Institution could file a suit against the consumer through branch manager or such other officer as might be duly authorized in that behalf by power of attorney or otherwise-------Present suit had been filed by the bank manager who was competent to file the plaint-------Bank manager had filed plaint after fulfilment of mandatory requirement of S.9 of Financial Institutions (Recovery of Finances) Ordinance, 2001-------Consumers-defendants had not challenged the legality or genuineness of finance agreement and charged documents before any court of law-------Defendants had accepted the terms and conditions settled between the parties-------Consumer had right to utilize the finance facility subject to terms and conditions of agreement and charged documents-------Plaintiff-bank was entitled to principal amount (due) including mark-up, cost of finances till the date of expiry-------Defendants-consumers had failed to raise any substantial question of law and facts-------Banking Court had rightly dismissed the application for leave to defend the suit-------Controversy with regard to principal amount, mark-up and cost of finances could be resolved keeping in view the documents available on record-------Principal amount was outstanding against the consumers and Bank was entitled for the same including mark-up, cost of finances till the date of expiry-------No illegality, material irregularity or non-appreciation of documentary evidence had been pointed out in the findings recorded by the Banking Court-------Appeal was dismissed in circumstances. Bankers Equity Limited through Principal Law Officer and 5 others v. Messrs Bentonite Pakistan Limited and 7 others 2003 CLD 931; National Bank of Pakistan through Manager v. Messrs Mujahid Nawaz Cotton Ginners…

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