Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 9, 10 & 22---Suit for recovery of finance---Leave to defend the suit, refusal of---Effect---Defendants were aggrieved of and decree passed by Banking Court in favour of Bank after refusal of leave to defend the suit---Validity---Banking Court after appreciating the grounds taken by defendants in application under S. 10 of Financial Institutions (Recovery of Finances) Ordinance, 2001, as well as all documents available on record had passed and decree---High Court declined to take any exception to such and decree as there was no illegality in the same and was passed in consonance with the spirit of law---Appeal was dismissed in circumstances. Citi Bank N.A. A. Banking Company through Attorney v. Riaz Ahmed 2000 CLC 847; Messrs United Dairies Farms (Pvt.) Limited and 4 others v. United Bank Limited 2005 CLD 569 and Apollo Textile Mills Ltd. and others v. Soneri Bank Ltd. 2012 CLD 337 ref. THIS JUDGMENT DELIVERED BY: JAWAD HASSAN, J.--- Through this Appeal, filed under section 22 of Financial Institutions (Recovery of Finances) Ordinance, 2001 (the "Ordinance"), the Appellants have challenged the validity of impugned judgment and decree dated 13.03.2014 passed by the Banking Court-III, Lahore (the "Banking Court") whereby it decreed the suit of the Respondent. 2. Brief facts of the case are that the Appellants obtained finance facility from the Respondent in the year 2005 and mortgaged their property as security which facility, later on, was also renewed by the Respondent Bank on the request of the Appellants who executed various finance documents in favour of the Respondent. But on their default in repayment of said loan facility the Respondent Bank filed a suit for recovery of Rs.32,764,784.43/- against the Appellants. The Appellants filed application under section 10 of the Ordinance raising certain legal as well as factual objections. The Banking Court vide the impugned judgment, decreed the suit of the Respondent to the tune of Rs.25,867,983.44 along with costs of suit and cost of funds under sections 3 and 17 of the Ordinance. Hence, this Appeal. 3. The learned counsel for…

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