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

Section: 9(5),12,2(e),9(2),104

Law: Bankers Books Evidence Act, 1891

Section: 4

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 9(5) 12---Procedure of Banking Court---Suit for recovery---Service of notices on the defendants---Effective service in terms of S.9(5) of Financial Institutions (Recovery of Finances) Ordinance, 2001---Scope---Section 9(5) of the Financial Institutions (Recovery of Finances) Ordinance, 2001 provided that service effected in any one of the prescribed modes should be deemed as valid service and where summons/process under law had been issued, service upon defendants should be deemed and considered as valid service. M/S. Ahmad Autos and another v. Allied Bank of Pakistan Limited PLD 1990 SC 497 rel. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 2(e), 9(2) 10(4)---Bankers Books Evidence Act (XVIII of 1891) S. 4---Procedure of Banking Court---Suit for recovery---Statement of accounts---Presumption vis-a-vis correctness of entries made in statement of accounts certified under S. 4 of the Bankers Books Evidence Act, 1891---Liability of customer---Scope---Presumption vis-a-vis correctness of entries made in statement of accounts which were duly certified under S. 4 of the Bankers Books Evidence Act, 1891, in absence of any opposition, challenge or denial; was not only attached to it, but amount due per said statement of account was deemed to be the correct liability of a customer in a suit for recovery under the Financial Institutions (Recovery of Finances) Ordinance, 2001. Habib Bank Limited through Authorized Attorney v. Haidri Homes through Partners and 3 others 2012 CLD 2016 and United Bank Ltd. v. M/S. Sartaj Industries through Qaisar Iqbal, Managing Partner and 6 others PLD 1990 Lah. 99 rel. (c) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 2(c), 2(d) 7---Contract Act (IX of 1872) Ss. 126, 127 128---Suit for recovery---Contract of guarantee---Surety, principal debtor and creditor---Consideration for guarantee---Suretys liability---Scope of terms customer and obligation under Financial Institutions (Recovery of Finances) Ordinance, 2001---Liability of guarantor---Scope---Liability of guarantor was…

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