Law:

Section:

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 2(e) & 9---Suit for recovery---Claim of liquidated damages on behalf of Financial Institution---Liquidated damages---Nature and scope---Liquidated damages could only be claimed and granted when irrefutable evidence was led in support of such claim and proof was brought forth on record which would establish that such damage had been suffered by the claimant---Liquidated damages had to be contrasted with general damages and were in the nature of special damages which ought to be proven in order to be brought home---Where the plaintiff-Bank could not assert claim of "liquidated damages" by pointing to any portion of the evidence, then such claim of liquidated damages was to be rejected. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 18, 9 & 7---Qanun-e-Shahadat (10 of 1984), Art. 17(2)(a)---Procedure of Banking Court---Banking documents---Finance agreement/financial documents, proof of---Number of attesting witnesses---Pre-condition---Scope---In all documents related to financial matters, it was the mandate of Art. 17 of the Qanun-e-Shahadat, 1984 that such documents must be proved by the production of two witnesses who had signed such documents in token of its execution. Hafiz Tassaduq Hussain v. Muhammad Din through Legal Heirs and others PLD 2011 SC 241 rel. (c) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 9, 10 & 11---Charging of markup by Financial Institutions beyond date of expiry of finance facility---Scope---Financial Institution was entitled to the markup for the period of the finance agreement and not beyond the same. THIS JUDGMENT DELIVERED BY: SHAHID KARIM, J:---.--- This is a suit for the recovery of Rs.253,931,398.50 along with liquidated damages of Rs.50,786,279.70 with costs of funds and cost of the suit. 2. The suit was filed on 24.2.2010. On 12.10.2011 a consent decree was passed in favour of the plaintiff-Bank and against the defendants jointly and severally in respect of the claim of the principal amount made in the suit i.e. Rs.167.123 million. After the passing of the…

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