Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 10, 9 & 22---Suit for recovery---Application of defendant for leave to defend suit was dismissed, and suit was decreed in favour of the plaintiff Bank---Contention of defendant, inter alia, was that the suit had not been competently filed and that the plaintiff-Bank had no cause of action---Validity---Perusal of record revealed that the defendant had not denied availing finance facility from the plaintiff Bank, therefore it could not be said that the plaintiff Bank had no cause of action---Plaint was signed and verified by Branch Manager of the plaintiff Bank who was competent to file the suit under the law---Defendant had not challenged the veracity of documents executed between him and the Bank at any competent forum therefore, defendant's contention that his signatures were forged, had no force---No illegality, therefore, existed in the impugned ---Appeal was dismissed, in circumstances. Muhammad Ajmal Khan v. Zarai Taraqiati Bank Limited 2015 CLD 1197 rel. THIS JUDGMENT DELIVERED BY: JAWAD HASSAN, JUSTICE:---.--- Through this appeal, the Appellant has assailed the judgment and decree dated 6.2.2013 passed by Judge Banking Court-I, Faisalabad, in the suit filed by Respondent No.1. 2. Brief facts for the disposal of this appeal are that the Bank Respondent No.1 filed a suit against Qalab Hussain, the Appellant and Muhammad Ismail for recovery of a sum of Rs.42,49,706/- due as principal amount, profit, termination charges, late payment charges and other charges till 10.10.2010 along with future profit/cost of funds as determined by State Bank of Pakistan, till the full and final liquidation of liability due from the Appellant in the suit account by sale and auction of the properties mortgaged in favour of Respondent No. 1. 3. The Appellant was served under section 9(5) of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (the "2001 Ordinance"). In response thereto, the Appellant filed application under section 10 of the 2001 Ordinance, (the "PLA") whereas Defendant No.2 did not appear to defend the suit, therefore, ex parte proceedings were initiated against…

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