Law: Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)

Section: 7,9

Law: Bankers Books Evidence Act, 1891

Section: 4

(a) Approbate and reprobate--- ----Maxim: "qui approbate and reprobate"---Under the law, one cannot approbate and reprobate at the same time. Mirza Nasir and 2 others v. Mirza Hakim-ud-Din, Managing Director Jahangir Engineering Company, Gujranwala 2001 MLD 431 rel. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 9 & 7---Banker's Books Evidence Act (XVIII of 1891), S. 4---Procedure of Banking Court---Statement of Accounts---Presumption of correctness---Scope---"Financial estoppel", concept of---Suit for recovery was decreed in favour of plaintiff Bank---Contention of defendants, inter alia was that the statement of accounts submitted by the plaintiff Bank contained incorrect entries---Validity---Perusal of record revealed that the statement of accounts, in the present case, was correct and that the plaintiff Bank had explained all objected entries and therefore the same did not suffer from any irregularity---Defendants were estopped from challenging the said statement of accounts after having received the same regularly from the time the account was opened by the defendants with the plaintiff Bank---Defendants had knowledge of the entries in the said statement throughout, which were never objected to by them before, therefore the defendants were estopped from now objecting to the same---Under normal banking practice, statement of accounts were mandatory for customers to receive and examine, and if there existed any discrepancy in the same, the Bank was to be informed---Under the Banker's Books Evidence Act, 1891 a statement of accounts had presumption of truth and under the law, said statements had to be presumed to be correct if not challenged by the customer after receiving the same regularly---Minor discrepancies in statement of accounts would not disentitle the plaintiff Bank to claim such amount---Suit was therefore, rightly decreed by Banking Court---Appeal was dismissed, in circumstances. Crescent Commercial Bank Now Samba Bank Ltd. v. Genertech Pakistan Ltd. 2011 CLD 37; Messrs Soneri Bank Limited v. Messrs Compass Trading Corporation (Pvt.) Limited through Director/ Chief Executive and 3 others 2012 CLD 1302…

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