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

Section: 7,9,10,18,18(4),19,22

Law: Negotiable Instruments Act, 1881

Section: 20

Law: Banking Companies Ordinance, 1962

Section: 48(6)

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 7, 9 & 10---Banking Companies Ordinance (LVII of 1962), S. 48(6)---Suit for recovery---Procedure and powers of the Banking Court---Amalgamation of Financial institutions with sanctioning of scheme of amalgamation by the State Bank---Effect on pending suit for recovery by erstwhile Financial Institution---Scope---Question before the High Court was that after the merger of the erstwhile Bank from which defendant obtained finance facilities, should the entire plaint ought to have been amended; and in case it was not, was suit liable to be dismissed---Held, that in such case only title of suit could be permitted to be amended as mere merger did not entitle plaintiff Bank to seek amendment in plaint barring certain exceptions---Plaintiff, in the present case, except change in the name, did not seek any further relief for which plaint might require amendment; and the same also found support in S. 48(6) Banking Companies Ordinance, 1962. Al-Jehad Trust and another v. Federation of Pakistan and others PLD 2011 SC 811; Messrs United Dairies Farms (Pvt.) Limited and 4 others v. United Bank Limited 2005 CLD 569; Messrs Asia Motor Company and another v. Messrs NIB Bank Limited 2016 CLD 609; Sheikh Murshid Ali and others v. United Bank Limited 2016 CLD 1471; Pak Oman Investment Company Limited v. Chenab Limited and 9 others 2016 CLD 1903; Mst. Akhtar Begum v. Muslim Commercial Bank Ltd. 2009 CLD 189; Industrial Development Bank of Pakistan v. Pakistan Belting (Pvt.) Limited and 5 others 2006 CLC 808; Agricultural Development Bank of Pakistan v. Pak Green Fertilizer Company Limited and another 2000 MLD 1066 and Apollo Textile Mills Ltd. and others v. Soneri Bank Ltd. 2012 CLD 337 ref. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 9, 10, 18 & 22---Negotiable Instruments Act (XXVI of 1881), S.20---Suit for recovery of finance---Procedure of Banking Court---Application for leave to defend---Blank documents---Inchoate stamped instruments---Scope---For banking transactions, even when there existed certain documents which were empty/blank or had not…

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