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

Section: 9

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S. 9---Procedure of Banking Court---Persons authorized to file suit for recovery on behalf of Financial Institution---Requirements in terms of S. 9 of the Financial Institutions (Recovery of Finances) Ordinance, 2001---Scope---Section 9 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 authorized branch manager, an officer authorized by a power of attorney or an officer who was otherwise authorized by a financial institution; to file suit on behalf of such financial institution---Officer of a financial institution who held power of attorney in his/her favour, need not append anything else other than the said power of attorney to demonstrate his/her authority to institute a suit under S. 9 of the Financial Institutions (Recovery of Finances) Ordinance, 2001; and had the same not been the case, S. 9 of the 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 the person executing power of attorney---Under S. 9 of the Financial Institutions (Recovery of Finances) Ordinance, 2001, therefore, an officer of a financial institution, holding power of attorney, was the designated person to file suits on behalf of said Financial Institution. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 10 9---Suit for recovery---Application for leave to defend, grant of---Entries in the statement of accounts---Contention of defendants, inter alia, was that the statement of accounts accompanying the plaint of financial institution had not been prepared in accordance with law---Validity---Defendants had not impugned even a single entry contained in the statement of accounts, and on perusal of the same, it was clear that the same were prepared in accordance with the Bankers’ Books Evidence Act, 1891 and the law---Liability under various finance facilities obtained by defendants stood admitted in the defendant’s audited accounts---Defendants had therefore failed to raise any dispute on facts requiring…

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