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

Section: 9,10,22

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 10, 9 & 22---Suit for recovery of amount---Adjudication of application for leave to defend---Defendant impugned rejection of application for leave to defend by Banking Court, on the ground that documents pertaining to alleged facility obtained by defendant were forged and he had availed no such facility---Validity---Defendant in its application for leave to defend suit had not disclosed any plausible defence and only stated stereotypical and vague objections---Defendant did not take plea of alleged forged documents in his application for leave to defend, and the same was also not urged during arguments before Banking Court, and therefore, said plea could not be allowed at the appellate stage---No illegality existed in the impugned order---Appeal was dismissed, in circumstances. THIS JUDGMENT DELIVERED BY: SHAKEEL AHMAD, J.--- The appellant has assailed the judgment and decree dated 23.9.2014 of the learned Judge, Banking Court-I, Peshawar, whereby the appellant/defendant was refused leave to appear and defend the suit, with the result that the respondent/plaintiff Bank was granted decree in the sum of Rs.13452/- with cost of funds from the date of filing of suit, i.e, 18.6.2013 till the date of realization. 2. The facts of the case, in brief, are that National Bank of Pakistan Limited through its Manager brought a suit against the appellant/defendant under the Financial Institutions (Recovery of Finances) Ordinance, 2001 for recovery of Rs.161425/- against cash finance facility extended to the appellant along with cost of fund/liquidated damages @ Rs. 20 % mark up till realization of payment of loan. On response to the request of appellant he was allowed loan of Rs.92000 on markup basis for productions/development of his lands, this loan was secured by undertaking and guarantee duly signed and thumb impressed by the appellant as well as defendant on 2 and 3 being sureties and guarantors of the appellant. However, the appellant failed to repay the full outstanding cash finance facility and an amount of Rs.161425/- remained unadjusted, inspite of the repeated demand and…

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