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

Section: 9,10,22

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 10, 9 & 22---Suit for recovery---Adjudication of application for leave to defend---Calculation of markup---Persons authorized to file suit on behalf of Financial Institution---Appeal to High Court---Scope---Defendant impugned the order of Banking Court whereby its application for leave to defend was dismissed and suit was decreed---Contention of the defendant inter alia was that its various objections to the suit filed by plaintiff Bank were not considered in the impugned order---Validity---Objection regarding competency of person filing suit on behalf of plaintiff Bank was not valid as persons filing the suit mentioned therein that they had been duly constituted attorneys and authorized signatories on behalf of plaintiff Bank---Defendant's objection as to statement of accounts being incorrect was also not valid as defendant had not challenged any entry therein and defendant could also not show any entry where markup on markup had been charged---Impugned order however, calculated markup beyond date of expiry of facility, which could not be upheld---High Court, while upholding the impugned order, modified the decree to the extent of deleting markup beyond expiry period of facility----Appeal was disposed of, accordingly. KSB Bank Limited v. Mirza Ghulam Mujtaba 2011 CLC 461; Bank of Punjab through Branch Manager v. Unique Developers Pvt. Limited 2016 CLD 29; ABL v. Fatima Enterprises Limited 2017 CLD 1711; Messrs Ravi Medical Supplies (Pvt.) Ltd. through Chief Executive and 4 others v. Messrs First Women Bank Limited through Branch Manager 2016 CLD 1726; Habib Metropolitan Bank Limited v. Faizan Ali and Company (Pvt.) Ltd. 2017 CLD 1583 and Pace Pesticides Pvt. Ltd. v. Saudi Pak Commercial Bank Ltd. 2014 CLD 1436 rel. THIS JUDGMENT DELIVERED BY: MUZAMIL AKHTAR SHABIR, J.--- Through this appeal under section 22 of the Financial Institutions (Recovery of Finances) Ordinance, 2001, the appellants/judgments debtors have called in question judgment and decree dated 26.11.2014, passed by Banking Court No.3 Multan whereby suit for recovery filed by the respondent No.1/bank against the…

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