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

Section: 9,10,22

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 9, 10 & 22---Finance facility---Proof---Bank filed suit for recovery of finance against defendants---Banking Court declined to grant unconditional leave to defendants and decreed suit in favour of Bank---Validity---Defendants did not produce a single document in support of their claim that they had returned partial disbursed amount which all showed that there was much self-contradiction in stance of defendants---Bank through production of substantial documents, established on record that finance facility was disbursed to defendants and same was withdrawn by them through cheques---Banking Court rightly declined to grant unconditional leave to defendants---High Court declined to interfere in and decree passed by Banking Court as there was no illegality or perversity in the same and had been passed in consonance with law---Appeal was dismissed in circumstances. Habib Bank Limited v. Messrs Medina Rice and Ice Mills, Sargodha through Proprietor and another 2015 CLD 829; Messrs Bengal Friends and Co. Dacca v. Messrs Gour Benode Shah and Co. and others PLD 1969 SC 477; Messrs Taxila Cotton Mills Ltd. and 10 others v. Allied Bank of Pakistan Ltd. and 4 others 2005 CLD 244 and Lallan Prasad v. Rahmat Ali and another AIR 1967 SC 1322 = 1967 2 SCR 233 ref. THIS JUDGMENT DELIVERED BY: JAWAD HASSAN, J.--- Through this Appeal, filed under Section 22 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (the "Ordinance"), the Appellants have challenged the validity of judgment and decree dated 21.01.2013 passed by this Court (under Jurisdiction of the Ordinance) (the "Hon'ble Court") in C.O.S. No.91 of 2012 whereby the suit filed by the Respondent was decreed. 2. The facts succinctly revealed from the case are that the Respondent filed a suit for recovery of Rs.64,976,823.00 against the Appellants along with cost of suit and costs of funds from the date of default till realization or payment. The Appellants appeared and filed application under section 10 of the Ordinance for grant of unconditional leave to defend the suit. The said petition for leave to appear and defend the…

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