Law:

Section:

Penal Code (XLV of 1860)--- ----Ss. 406, 420, 468, 471 & 109---Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001), Ss.7, 10, 11 & 20---Offences in Respect of Banks (Special Courts) Ordinance (IX of 1984), Ss.3, 4 & 6---Suit for recovery of bank loan---Allegation of misappropriation of hypothecated stock by customer---Registration of FIR by the Bank---Petition for quashment---Scope---Customer (petitioners) filed leave to defend suit denying claim of Bank---Pending said suit, Bank had registered FIR under Ss.406, 420, 468, 471 & 109, P.P.C.---Contentions of the petitioners was that offences alleged in the impugned FIR squarely fell under S.20(1) of Financial Institutions (Recovery of Finances) Ordinance, 2001, of which only Banking Court could take cognizance and hold trial against the petitioners, after a complaint in writing was made in that regard; that impugned FIR registered under the Penal Code was completely without jurisdiction---Contention of respondent Bank was that petitioners had committed acts punishable under P.P.C., which were Scheduled offences in terms of Offences in Respect of Banks (Special Courts) Ordinance, 1984, and were triable by the Special Court for offences in respect of Banks; that S.20(1) of Financial Institutions (Recovery of Finances) Ordinance, 2001, did not envisage any bar on an action which was taken by the aggrieved party (Bank) against accused under any other penal laws, either in addition to it or independent of it---Validity---Words "without prejudice to any other action which could be taken against him under this Ordinance, or any other law for the time being in force" occurring in S.20 of Financial Institutions (Recovery of Finances) Ordinance, 2001, amply established that registration of FIR in case of commission of cognizable offence by a person, was not barred altogether---Mode of taking cognizance by Banking Court under S.7 of Financial Institutions (Recovery of Finances) Ordinance, 2001, was a separate and independent concept under criminal law, which could not overtake or equate the right of a person to register an FIR in the face of a cognizable offence---Impugned FIR had been…

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