Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)------- --------Ss. 9 & 10-------Suit for recovery of loan amount-------Application for leave to defend-------Requirements of S. 10 of the Ordinance not fulfilled-------Implications/effects-------Plaintiff Bank had clearly disclosed the details of the finances, re-payments made by the defendants and the amount outstanding against the defendants and also filed the relevant documents with the plaint; therefore, there was no default on the part of the Bank in complying with the requirement of S. 9 of Financial Institutions (Recovery of Finances) Ordinance, 2001-------Defendant, on the other hand, had not complied with the mandatory requirements of Ss. 10(4) & 10(5) of the Ordinance-------Defendants, in terms of S. 10(4) of the Ordinance, were required to disclose in their application for leave to defend, the amount of finance availed by them from the Bank; the amount paid by them to the Bank along with dates of payments; the amount of finance and other amount relating to the finance payable by them to the Bank up to the date of institution of the suit, and the amount, if any, which they had disputed as payable to the Bank, and the facts in support thereof-------In terms of S. 10 (5) of the Ordinance, the defendants were required to file all such documents along with their application, which, in their opinion, supported the purported substantial questions of law and fact allegedly raised by them-------Under S. 10(6) of the Ordinance, an application for leave to defend which did not comply with the requirements of Ss. 10(3), 10(4) and/or 10(5) of the Ordinance, would be rejected, unless the defendant disclosed therein the sufficient cause for his inability to comply with any such requirement-------Defendant had neither complied with the said mandatory requirements nor had they disclosed any sufficient cause for their inability in complying with the same-------Defendants had not filed any proof in support of their assertions that some repayments made by them had been suppressed by the Bank or that they were not liable to pay the amount claimed by the Bank-------Defendants had categorically…

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