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

Section: 9,22

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 9 & 22---Recovery of finance---Suit was decreed by Banking Court in favour of Bank---Validity---Entire finance and security documentation was executed between parties and same was not denied or dispelled by or on behalf of defendants---Schedule attached to finance agreement which required repayment of entire amount by September, 2011, however, same did not materialize---High Court declined to interfere in and decree passed by Banking Court as defendants were unable to identify any infirmity in and decree passed by Banking Court in favour of the Bank---Appeal was dismissed in circumstances. Warrior Chemical (Private) Limited and others v. National Bank of Pakistan 2012 CLD 1222; Apollo Textile Mills Limited and others v. Soneri Bank Limited 2012 CLD 337; Shaz Packages and others v. Bank Alfalah Limited 2011 CLD 790; Kinza Fashion (Private) Limited and others v. Habib Bank Limited and another 2009 CLD 1440 and Fateh Mohammad and others v. Malik Qadir Bakhsh 1975 SCMR 157 distinguished. THIS JUDGMENT DELIVERED BY: AGHA FAISAL, J.--- Present appeal has been filed assailing the judgment dated 03.01.2013 ("Impugned Judgment") delivered by the learned Banking Court No. II at Karachi in Suit 80 of 2012 ("Suit") and the decree passed in respect thereof dated 19.12.2013. The operative constituent of the Impugned Judgment is reproduced herein below: "I have heard the learned counsel for the parties and have also perused the entire material available on record including the statement of account, which shows that the defendants had availed and utilized the finance facilities to the extent of Rs.23,000,000/-, against which the defendants paid a sum of Rs.4,781,377/- towards principal, leaving principal balance of Rs.18,218,623/- plus markup of Rs.5,300,928.40 till 30.09.2011. The total of which comes to Rs.23,519,551.40, which is due and payable by the defendants to the plaintiff bank. Accordingly the suit of the plaintiff is decreed against the defendants jointly and severally in the sum of Rs.23,519,551.40. inclusive of markup till 30.09.2011, and thereafter cost of funds till realization…

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