Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 9 & 10---Suit for recovery of finance---Leave to defend suit---Markup, recovery of---Principle---Application for grant of leave to defend suit---Plea raised by customers was that Bank was charging excessive markup---Validity---Markup was to be paid as per agreement, whereas if finance facility was availed in respect of running finance even beyond date of agreement, borrower was liable to pay markup at least on such running finance availed---Customers kept on availing facility and never objected to any of payments and/or markup---No substantial question of law or fact was raised and all contentions were stereotype and without any substantial material to support the same---Finance facility was availed for which various agreements were signed and properties were mortgaged and hypothecated---High Court declined to grant leave to defend suit---Suit was decreed in circumstances. Messrs U.I.G. (Pvt.) Ltd. through Director and 6 others v. Bank Al-Falah Ltd. 2015 CLD 452 rel. THIS ORDER PASSED BY: MUHAMMAD JUNAID GHAFFAR, J.--- This is a Suit under section 9 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (F.I.O., 2001) for recovery of Rs.370, 383,869/- along with cost of funds with a further request for sale of mortgaged and hypothecated properties. Through listed application, Defendants seek leave to defend this Suit. 2. Learned Counsel for the Defendants has contended that the Plaintiff-Bank had though agreed to provide financial assistance for certain amounts, but did not reimbursed the agreed amount, whereas, exaggerated markup has been charged by the Plaintiff-Bank, which is impermissible in law. Learned Counsel has further contended that different amounts were mentioned in the Legal Notice, whereas, Suit has been filed for some other amount, while substantial payments were made to the Bank but they have not shown the same in their Statement of Accounts. He has further submitted that prior to filing of this Suit; the Defendants have already filed Suit No.B-39/2016 for Rendition of Accounts as well as Damages. Per learned Counsel admittedly some fire broke out…

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