Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 9(2) 10---Bankers Books Evidence Act (XVIII of 1891), S. 4---Recovery of finances---Leave to defend the suit---Statements of Accounts---Prima facie evidence---Principle---Bank filed suit for recovery of finance and instead of relying upon original contract between the parties, it relied upon collateral contract on the basis of bills of exchange along with shipping documents which were provided by defendants to the Bank---Validity---Bank opted to rely upon collateral contract, therefore, it was pointless for defendants to assert the collateral contract as defence---Except the acknowledged amount, the statement of account required further proof and it could not be received as prima facie evidence within the meaning of S. 4 of Bankers Books Evidence Act, 1891---Statement of account comprised of transfer entries which did not reveal the accounts wherefrom those originated---Omission by Bank to support its claim or any part thereof by a duly certified statement of accounts was a non-compliance of mandatory provision of S. 9(2) of Financial Institutions (Recovery of Finances) Ordinance, 2001---Leave to defend the suit was granted in circumstances. United Bank Ltd. v. Taj Seafood Industries PLD 1975 Kar. 410; Habib Bank Ltd. v. Mahmood Ahmed 2004 CLD 1703; BOC Pakistan Ltd. v. National Gases (Pvt.) Ltd. 2013 CLD 889; National Bank of Pakistan v. Shahyar Textile Mills Ltd. 2003 CLD 1370; United Dairies Farms (Pvt.) Ltd. v. United Bank Ltd. 2005 CLD 569; Habib-ur-Rehman v. Judge Banking Court No.4, Lahore 2006 CLD 2017; Elbow Room v. MCB Bank Ltd. 2014 CLD 985 and Soneri Bank Ltd. v. Classic Denim Mills (Pvt.) Ltd. 2011 CLD 408 rel. Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 9(2) 10---Bankers Books Evidence Act (XVIII of 1891), S. 4---Recovery of finances---Leave…

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