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

Section: 9,10,22

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 10 & 9---Application for leave to defend, acceptance of---Jurisdiction of Banking Court---Scope---Plaintiff Bank, impugned order of Banking Court whereby applications for leave to defend of the defendants were allowed and upon such acceptance of the applications, suit against said defendants was dismissed by the Banking Court---Validity---If the Banking Court was of the view that substantial question(s) of law had been raised in the applications for leave to defend, then it was not proper for the court to have proceeded to dismiss the suit and reject the plaint to the extent of the defendants who filed said applications for leave to defend---Banking Court, could have granted leave to defend and subsequent questions were to be determined through regular process after recording of evidence---Impugned order was therefore not countenanced by law and course adopted by Banking Court was clearly unlawful and beyond the provisions of Financial Institutions (Recovery of Finances) Ordinance, 2001---Impugned order was set aside, and matter was remanded to Banking Court---Appeal was allowed, accordingly. THIS JUDGMENT DELIVERED BY: SHAHID KARIM, JUSTICE:---.--- From the perusal of report of Process Server it is clear that service has been effected on the respondents, yet no one has appeared on their behalf to prosecution this appeal. They are proceeded against ex parte. 2. This is an appeal under section-22 of the Financial Institutions (Recovery of Finances) Ordinance, 2001, against the judgment and decree dated 09.10.2012. Through the impugned order, the…

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