Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------- --------Ss. 9 & 10--------Recovery of loan amount-------Leave to defend, refusal of------- Fraud, misrepresentation or deceit-------Statement of account-------Scope-------Running finance facility-------Essence-------Bank's right of lien on amount kept in lien account-------Scope-------Amount repaid could be utilized/adjusted either towards principal sum or markup-------Board of Directors of the plaintiff-Bank had passed resolution authorizing two of its officials to execute power of attorney in favour of different officers of the Bank-------Said Bank officials had executed the power of attorney in favour of the Bank officials, who had signed plaint in the suit-------Suit had, therefore, been competently filed by said authorized representatives of the Bank-------Documents available on record contained all necessary details along with the amounts disbursed, amounts repaid and the balance amount recoverable from the defendants-------Defendants had admitted to have availed the facility as alleged by the Bank and had not denied signing/execution of any of the documents-------Only defence taken in the application for leave to defend was that the finance and security documents had been obtained by fraud, misrepresentation or deception-------Defendants, however, continued to operate their accounts and utilized the facilities granted to them by the Bank during years from 2005 till 2010, but they had neither challenged any of the documents nor approached any court of law with the allegation that they had been adverted into signing or executing any of the documents in favour of the Bank-------Defendants had mortgaged their property not only by way of deposit of original title documents of the property but also by executing registered mortgage for token amount in favour of the Bank, but the defendants had not agitated the matter before any court that the mortgage had been fraudulently created and the original title documents had fraudulently been obtained-------Sum of Rs.195 Million allowed to the defendants by the Bank represented the principal limit of the facility which the defendants had…

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