Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)------- --------Ss. 9 & 10------- Suit for recovery of finance-------Filing of suit, locus standi-------Bank filed suit for recovery of finance and one of the objections raised by defendants in their application for leave to defend was that person who filed the suit had no authority in that respect-------Validity-------Officer of a financial institution who held a power of attorney in his favour need not append anything else other than that power of attorney to demonstrate his authority, to institute suit under S.9 of Financial Institutions (Recovery of Finances) Ordinance, 2001------- If it had not been so, S. 9 of Financial Institutions (Recovery of Finances) Ordinance, 2001 would have required production of further documents other than the power of attorney by the attorney holder to demonstrate authorization of person executing the power of attorney-------Suit of plaintiff Bank, in circumstances, was competently filed-------Defendants failed to raise any dispute regarding their liability that would warrant recording of evidence by granting leave to defend the suit-------Claim of plaintiff Bank was duly substantiated by settlement agreement, offer letter and letter for restructuring of dues-------High Court declined leave to appear and defend the suit to the defendant-------Suit was decreed in circumstances. THIS JUDGMENT DELIVERED BY: SHAMS MEHMOOD MIRZA, JUSTICE:--------- This is a suit filed under section 9 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (the Ordinance) seeking recovery of Rs. 162,771,755.17 from the defendants on account of a finance facilities granted to defendant No.1 and default by it of its payment obligations. 2. Brief facts of the case are that the plaintiff granted demand finance (DF-I) facility of Rs.143.83 Million and demand finance (DF-II) for Rs.6.188 Million to defendant No.1 (Honda Point Private Limited) in terms of settlement agreement dated 24.09.2009. DF-I and DF-II facilities were granted as a result of restructuring of finance facilities granted earlier to M/s. Honda Point, a proprietorship concern. The previous finance…

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