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

Section: 10(4)(5)(6)

Financial Institutions (Recovery of Finances) Ordinance 2001-- ----S. 10(4), (5) and (6)--Finance facility--Execution of documents Default in repayment--Suit for recovery--Decreed--Challenge to--There is no document produced by appellants which may show any re-payment of amount due against availed facility from bank--When confronted as to whether appellants/defendants have fulfilled mandatory requirements of Section 10 (4) and (5) of Ordinance, 2001 learned counsel for appellants remained unable to satisfy this Court--Learned Judge Banking Court has rightly passed impugned and decree while invoking jurisdiction as envisaged in penal clause of sub-Section 6 of Section 10 of Ordinance ibid and dismissed petition for leave to defend--Learned counsel for appellants has not been able to point out any illegality and material irregularity in impugned and decree passed by learned Judge Banking Court nor identify any jurisdictional defect--Appeal was Dismissed. PLD 2012 SC 268, 2005 CLD 1489, 2014 CLD 1458, ref. THIS JUDGMENT DELIVERED BY: CH. MUHAMMAD IQBAL, J.- Through this single judgment, we intend to decide titled RFA alongwith connected RFA No.896 of 2012 as the subject matter is same in both the appeals and they have arisen out of the same impugned judgment and decree as well as common questions of law and facts are involved therein. 2. Through these appeals, the appellants have challenged the validity of judgment and decree dated 20.09.2012 passed by the learned Judge Banking Court-I, Gujranwala (Camp at Sialkot) whereby suit for recovery filed by Respondent No. 1 was decreed equivalent to Rs. 1,41,03,564.59/- against the appellants jointly as well as severally with costs and cost of funds as determined by the State Bank of Pakistan from the date of default till full and final realization of the decretal amount as provided by the provisions of Section 3 of Financial Institution (Recovery of Finances) Ordinance, 2001. 3. Brief facts of these appeals are that the appellants / defendants applied for the finance facility and also executed various charge documents i.e. agreement of financing, Demand Promissory Note, Letter of Hypothecation, Letter of Guarantee and…

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