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

Section: 10,9,7,2(d)

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 10, 9, 7 & 2(d)---Suit for recovery---Application for leave to defend---Adjudication of Statement of accounts---Objections regarding entries in statement of accounts---Restructured/re-scheduled finance facilities---Fresh disbursement---Scope---General, vague and evasive denials were no denials and merited no consideration---Parties, in a banking suit, had no option to make general allegations/assertions on aspects of accounts as the Financial Institutions (Recovery of Finances) Ordinance, 2001 bound the parties to be absolute and specific on accounts---Banking Suit was normally a suit on accounts and as such it was obligatory on both parties to definitely plead and specifically state their respective accounts---Restructuring/re-scheduling of amount already availed by a customer was not "disbursed afresh" and in such situations amounts outstanding in statement of accounts was only brought forward in the certified statement of accounts---Repayment schedule was not a notional document but was in fact an inseparable part of the rescheduling---When no entry in statement of account was specifically challenged, then it was to be presumed that the accounts prepared and maintained by plaintiff Bank were correct. Ghulam Rasool through Legal Heirs and others v. Mohammad Hussain and others PLD 2011 SC 119; Appolo Textile Mills Ltd. v. Soneri Bank Ltd. PLD 2012 SC 268; Habib Bank Ltd. v. Taj Textile Mills Ltd. through Chief Executive and 5 others 2009 CLD 1143; Muhammad Arshad and another v. Citibank N.A., LAHORE HIGH COURT 2006 SCMR 1347; United Bank Limited v. Messrs Sartaj Industries through Qaiser Iqbal Managing Partners and 6 others PLD 1990 Lah. 99 and Askari Commercial Bank Ltd. v. Hilal Corporation (Pvt.) Ltd. and 6 others 2009 CLD 588 rel. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 10 & 9---Constitution of Pakistan, Arts. 10-A & 4---Right to fair trial and due process of law---Rights of individuals to be dealt in accordance with law---Application for Fundamental Right to fair trial and due process of law---Adjudication of…