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

Section: 9,9(2),10,22

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001) ----Ss. 9, 10 & 22---Procedure of Banking Court---Statement of Account---Charging of excess markup---Suit for recovery---Application for leave to defend by the defendants was allowed partially, and suit for recovery was decreed partially against the defendants, who were successors-in-interest of the original defendant (now deceased)---Contention of the defendants' inter alia was that the plaintiff Bank, while filing the suit, did not fulfil requirements of S. 9(2) of the Financial Institutions (Recovery of Finances) Ordinance, 2001 and that the statement of accounts issued by Bank was not according to law---Validity---Perusal of record revealed that predecessor-in-interest of the defendants had denied the availing of the loan but admitted the execution of documents by seeking exclusion of certain entries from the statement of accounts---Plaintiff Bank could not explain a discrepancy in the statement of account regarding charging of excess markup---Held, that the defendants were entitled for exclusion and deduction of said amount, and the same was deducted from the decretal amount---Appeal was allowed, accordingly. THIS ORDER PASSED BY: MASUD ABID NAQVI, JUSTICE:---.--- Brief facts of this Regular First Appeal are that being a banking company, the respondent bank filed a suit for recovery of Rs.758,873/- along with mark-up against the principle debtor i.e. Mohammad Shafique/defendant No. 1/predecessor in interest of present appellants and Haji Sheikh Mohammad Afzal/defendant No. 2/guarantor. Only the defendant No. 1 filed an application for leave to appear and defend the suit. The learned Banking Court, after hearing the parties partially accepted the application for leave to appear and defend the suit by decreeing the suit to the extent of Rs.680,769/- with costs and cost of funds vide judgment and decree dated 17.01.2011. Feeling aggrieved of impugned judgment and decree dated 17.01.2011, Mohammad Shafique/defendant No. 1 himself filed instant appeal and challenged the validity of the said judgment and decree. During the pendency of this appeal, Mohammad Shafique/defendant No. 1 died…

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