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

Section: 9

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S. 9---Suit for recovery of loan---Mark-up based running finance facility---Mark-up allowed only till date of repayment of amount---Recovery suit filed by respondent Bank was decreed for the principal amount along with mark-up that was chargeable under the agreement upto 31.12.2010---Mark-up beyond such period though was claimed in the suit but was not granted, and only cost of funds was allowed to be recovered beyond such period---Held, that the contract on the basis of which financial facility was lastly availed was executed on 03.03.2010, under which the amount was repayable by 31.12.2010, hence the Banking Court rightly allowed claim of mark-up only upto 31.12.2010 and beyond such period only cost of funds was awarded---Petition for leave to appeal was dismissed. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S. 9---Suit for recovery of loan---Plea of forged documents negated by admission---Petitioner-customer contended that the banking suit had been filed on basis of forged documents---Held, that record showed that petitioner had admitted availing the financial facility in question and there was not specific denial as to the quantum of financial facility nor any calculation error in the statement of accounts had been pointed nor any entry in the statement of accounts was questioned---Petition for leave to appeal was dismissed. THIS JUDGMENT DELIVERED BY: FAISAL ARAB, J.--- For a mark up based running finance facility availed by the petitioner, the respondent filed recovery suit. The suit was decreed for the principal amount along with markup that was chargeable under the agreement upto 31.12.2010.…

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