Law:

Section:

(a) Words and phrases-------"Statement of Account"---Definition stated. "Encyclopedia of Banking of Finance" by Glemn G. Maunn, F.L. Garcia and Chalres J rel. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S. 9---Interpretation of S. 9 of the Financial Institutions (Recovery of Finances) Ordinance, 2001---Statement of Account, essentials of---Word "supported" used by the Legislature in S. 9(2) of the Financial Institutions (Recovery of Finances) Ordinance, 2001 meant that if the suit was not supported by the Statement of Account, same would not be competent and the word "support" read in the mandatory perspective of the word "shall"; made a plaint filed by a Financial Institution totally dependent upon a duly certified statement of account on the "support" of which a plaint may stand and sustain per Ss. 9(1) & 9(2) of the Ordinance. Apollo Textile Mills Ltd. and others v. Soneri Bank Ltd. 2012 CLD 337 rel. (c) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S. 9---Bankers' Books Evidence Act (XVIII of 1891) Ss.2(8) & 4---Suit for recovery---Statement of Account---Certification of Statement of Accounts---Application of defendants for leave to defend suit was dismissed---Contention of the defendants was that plaintiff Bank had not filed a proper Statement of Account in terms of the Bankers' Books Evidence Act, 1891 and the Financial Institutions (Recovery of Finances) Ordinance, 2001---Held, that Statement of Account in the present case appeared in a typed form on a white paper, being incomplete, sketchy and unsubscribed by the principal accountant or manager and did not fulfil the mandatory requirements of S.9(2) of the Financial Institutions (Recovery of Finances) Ordinance, 2001 and Ss.2(8) & 4 of the Bankers' Books Evidence Act, 1981---Statement of Account filed by the plaintiff Bank therefore did not qualify as a "Statement of Account" duly certified under the Bankers' Books Evidence Act, 1891 and did not contain the details of the entire transactions between the plaintiff Bank and the defendants during the period of finance---Statement of Account did not bear any date and…

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