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

Section: 2(a)(c),2(d),9,22

Law: Banking Companies Ordinance, 1962

Section: 33-B

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 2(a)(c), 2(d), 9 & 22---Banking Companies Ordinance (LVII of 1962), S. 33-B---State Bank of Pakistan SMFD Circular No. 11(b), (d) & (v) dated 1-7-2010---Suit for declaration---Circular, implementation of---Plaintiff claimed to be eligible for fiscal relief package under SMFD Circular No. 11 dated 1-7-2010 issued by State Bank of Pakistan and filed suit before Banking Court against financial institution---Suit was decreed in favour of plaintiff and against financial institution---Validity---Incentive scheme notified by State Bank of Pakistan under S. 33-B of Banking Companies Ordinance, 1962 was an obligation purely related to finance/lease therefore, plaintiff had rightly invoked jurisdiction of Banking Court within meaning of S. 9 of Financial Institutions (Recovery of Finances) Ordinance, 2001---Banks, DFIs and MFBs were to seek reimbursement from State Bank of Pakistan-BSC (Bank), as per guidelines mentioned in the Circular on submission of claim, certified by compliance or internal audit as per claims form---High Court observed that there was no financial liability on financial institution and why plaintiff was involved in such litigation---Division Bench of High Court declined to interfere in the passed by Banking Court as the same was based on proper appraisal of evidence on record and there was no misreading or non-reading of evidence on record---Appeal was dismissed in circumstances. 2003 CLC 363; 2012 SCMR 864; United Bank Limited v. M/S. Azmat Textile Mills Limited 2002 CLD 542 and Try Star v. State Bank of Pakistan 2004 CLD 257 ref. THIS JUDGMENT DELIVERED BY: IJAZ ANWAR, JUSTICE:---.---This is an appeal under section 22 of the Financial Institutions (Recovery of Finances) Ordinance, 2001, read with section 96, C.P.C. against the judgment and decree dated 01.11.2016 passed by learned Judge, Banking Court-I, Peshawar, whereby the suit filed by the respondent No.1 was decreed. 2. Brief facts of the case are that M/s. Panther CNG Station, Ring Road, Peshawar, plaintiff-respondent No. 1, filed a suit against M/s. Askari Bank Limited through its Manager, defendant…

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