Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss. 3, 9 & 22---Suit for recovery of bank loan---Cost of funds, imposition of--- Scope--- Suit was decreed in favour of plaintiff bank and defendant was aggrieved of cost of funds imposed by Banking Court---Validity---Expiry date of finance facility was 7-1-1999, whereas outstanding finance liability was finally paid in Court on 11-1-2008---Banking Court rightly rejected claim of bank regarding excess markup charged after expiry date of finance and allowed cost of funds for such period in terms of S.3 of Financial Institutions (Recovery of Finances) Ordinance, 2001---High Court declined to interfere in and decree passed by Banking Court---Appeal was dismissed in circumstances. Habib Bank AG Zurich through Manager v. Mustafa Shams-ud-Din Ghatilla and 2 others 2003 CLD 658 ref. Haji Fazal Elahi and Sons through Muhammad Tariq v. Bank of Punjab and another 2004 CLD 162; Habib Bank Ltd. v. Karachi Pipe Mills Ltd. 2006 CLD 842; Prime Commercial Bank Limited v. Agricide (Private) Limited and others 2006 CLD 940 and Trycot Synthetic Fibre Company through Proprietor and another v. Habib Bank Limited 2012 CLD 1670 rel. JUDGMENT ABID AZIZ SHEIKH, J.---This appeal has been filed under section 22 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 ("FIO, 2001") against the judgment and decree dated 15-7-2008 to the extent of cost of funds allowed to the respondent bank. 2. Brief facts of this case are that the appellant filed a suit for declaration and permanent injunction against the respondent bank seeking declaration that the appellant has already discharged all the liabilities accrued under Loan case No.258865 as per terms of the agreement and the respondent/defendant bank be permanently restrained from demanding any amount on the basis of above mentioned loan. 3. The respondent/defendant bank filed petition for leave to defend which was converted into written statement. The respondent bank claimed that an amount of Rs. 1,54,764 is outstanding against the appellant and statement of account was also filed along with the petition for leave to defend. 4. The learned Banking…

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