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

Section: 22

THIS ORDER PASSED BY: SYED HASSAN AZHAR RIZVI, JUSTICE:---.--- KHADIM HUSSAIN M. SHAIKH, J. -Through the captioned 1st appeal, filed under section 22 of Financial Institutions (Recovery of Finances) Ordinance, XLVI of 2001, the appellant has called in question the ex parte judgment dated 13.02.2014 and decree dated 19M2.2014, passed by the learned Banking Court-I, Sukkur, decreeing Suit No. 74 of 2012 against the appellant and 2 others for Rs. 5,50,042/- with costs and cost of funds to be determined under section 3(2) of Financial Institutions (Recovery of Finances) Ordinance, 2001 from the date of default till realization of the decreetal amount. 2. Briefly the facts of the case are that on 11.09.2012 the respondent-bank (plaintiff-bank) filed Suit No. 74 of 2012 against Syed Ghulam Ali Shah and 2 others for recovery of Rs. 5,50,042/-. The case of the plaintiff-bank was that at the request of the defendant No. 1, the plaintiff-bank had initially extended and disbursed running finance facility amounting to Rs. 0.300 millions to the defendant No. 1 in the year 2000 and the defendants Nos.2 and 3 stood as guarantors of the defendant No. 1; the defendants had executed the finance documents including equitable and registered mortgage deed of the property bearing Khata No. 16/147 Khatoni Nos.22, 29, 8532 shares measuring 3 marlas-2 Sarsahi of Mohaal Mouza Dou Wala Sadiqabad as disclosed in paragraphs-6 and 7 of the plaint; the finance facility was renewed from time to time and lastly it was renewed vide sanction advice dated 1.7.2008 and the same was repayable on or before 30.06.2009; the defendants availed of the above finance facilities, but failed to re-pay the liability of the finance facilities, hence the plaintiff-bank filed the aforesaid suit. 3. The summons were issued against the defendants through all modes and service against them was held good, but they failed to appear and/or to file application for leave to defend the suit and thus the aforementioned suit was ordered to proceed ex parte vide order dated 15.01.2013, passed by the learned Banking Court-I, Sukkur and ultimately the suit was decreed for Rs. 5,50,042/- vide judgment dated 13.02.2014 and…

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