Law: Financial Institutions (Recovery of Finances) (Amendment) Act, 2016

Section: 2(c),9

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

Section: 151,O.VII,R.10

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 2(c) & 9---Civil Procedure Code (V of 1908), S. 151---Suit for recovery of finance---Banking jurisdiction---Scope---Plaintiff filed application under S. 151, C.P.C. for converting suit filed under Banking jurisdiction to one for recovery of money under ordinary civil jurisdiction---Validity---To bring any transaction within purview of Financial Institutions (Recovery of Finances) Ordinance, 2001 and Banking Court, it had to be established firstly, that relationship between parties to such transaction was either that of a 'borrower' or 'customer' who had obtained loan or finance from a banking company; it was only an investment which was made by an investment company regarding which an indemnity was executed by defendants---Plaintiff Bank had paid certain amount to defendants as investment in project and thereafter alleged to have suffered loss---No relationship existed as borrower and customer between plaintiff and defendants whereby plaintiff could invoke Banking jurisdiction of High Court---High Court converted Banking suit to be proceeded as an ordinary civil suit in accordance with law---Application under S. 151, C.P.C. was allowed accordingly. National Bank of Pakistan v. S.G. Fibre Ltd. and others 2004 CLD 689; Procter and Gamble Pakistan (Pvt.) Ltd. Karachi v. Bank Al-Falah Limited Karachi and 2 others 2007 CLD 1532; Ramzan Ali v. Javed Industries 1999 CLC 1294; Civil Appeal No.1954 of 2002; Marhaba Textile Ltd v. Industrial Development Bank of Pakistan 2003 CLD 1822; National Bank of Pakistan v. Khalid Mehmood 2002 CLD 658; Bank Alflah Limited v. Iftikhar A. Malik 2003 CLD 363; Amanullah Khan v. Government of NWFP 2001 CLC 453; Tahir Tariq Textile Mills (Pvt.) Ltd. v. NDFC 2001 YLR 846; Sherin and 4 others v. Fazal Muhammad and 4 others 1995 SCMR 584; Gul Muhammad v. Muhammad Saddique and others 2001 MLD 1154 and Pakistan General Insurance Company v. Muslim Commercial Bank Limited 2015 CLD 600 ref. THIS JUDGMENT DELIVERED BY: ARSHAD HUSSAIN KHAN, J.--- This is an application [C.M.A. 16209/2017] under section 151, C.P.C., filed by the Plaintiff praying therein that…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492