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

Section: 9,22

Financial Institutions (Recovery of Finance) Ordinance (XLVI of 2001)--- ----Ss. 9 & 22---Suit for recovery of finance---Leave to defend suit, denial of---Figures not reflected in statement of accounts---Effect---Customers were aggrieved of and decree passed by Banking Court in favour of Bank for recovery of money by dismissing their leave to defend suit---Validity---Banking Court solely relied on tables provided by Bank in order to calculate and determine sum payable by customers to Bank while such tables did not corroborate or correspond to statement of account relied by Bank---Customers showed that amount claimed by Bank was decreed as prayed for but actually Bank wrongly claimed some amount being beyond contract period---High Court, in circumstances, modified and decree passed by Banking Court by deducting the amount accordingly. THIS JUDGMENT DELIVERED BY: JAWAD HASSAN, J.--- Through this Appeal, filed under section 22 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (the "Ordinance") the Appellants have assailed the validity of judgment and decree dated 01.07.2014 passed by Judge Banking Court-II, Lahore (the "Banking Court") in the suit filed by the Respondent, whereby it decreed the suit of the Respondent National Bank of Pakistan Limited (the "Bank"). 2. Brief facts for the disposal of this appeal are that the Bank, filed a suit against the Appellants for recovery of a sum of Rs. 17824898.31/-. The Appellants appeared and filed application under section 10 of the Ordinance for grant of unconditional leave (the "PLA") to defend the suit. The said petition for leave to appear and defend the suit was dismissed and resultantly the suit was decreed by the Banking Court, vide the impugned judgment and decree dated 01.07.2014 to the tune of Rs.1,78,24,898/- in favour of the Bank and against the Appellants jointly and severally with costs along with costs of funds to be determined under sections 3 and 17 of the Ordinance. Rest of claim of the Bank in respect of markup after the date of default was disallowed. Hence, this appeal. 3. Learned counsel for the Appellants has argued that the Judge Banking Court has passed the impugned…

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