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

Section: 9

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S. 9---Recovery of finance---Statement of account---Disputed entries---Appellants contended that certain debit entries in the statement of account were unlawful---Held; appellants had not disclosed as to how each debit entry was unlawful---Mere general and bald allegation that a particular entry was unlawful did not advance the cause of the appellants---No document was appended with the PLA (Petition for Leave to Appear) to dislodge the presumption of truth attached to the statement of accounts---Bank, in its reply had duly explained each and every entry---Said entries were either charges which were initially incurred by the bank for and on behalf of the appellant company and later recovered on the strength of the financing documents such as, valuation charges paid to the evaluator, payment to Advocate for legal opinion and payment of fee to SECP for registration of charges, etc---Some of the payments were regarding markup unpaid by the appellant which were debited from the principal account and credited into the separate markup account---Appeal was dismissed. Date of hearing: 14th September, 2022. JUDGMENT ABID HUSSAIN CHATTHA, J.---This Regular First Appeal is preferred under section 22 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (the "Ordinance") against the impugned Judgment and Decree dated 23.06.2021 passed by Judge Banking Court-III, Multan (the "Banking Court"), whereby, the suit for recovery instituted by the Respondent Bank was decreed in the sum of Rs. 5,406,486.87/- against the Appellants, jointly and severally with cost of suit and cost of funds from 30.12.2019 till the realization of the decretal amount. 2. Briefly it was averred in the plaint that Appellant No. 1 availed Finance Facilities from the Respondent Bank from 05.09.2016 to 31.03.2019 satisfactorily by way of renewing the same from time to time as per its business needs after executing the finance and security documents regarding the same. Lastly, Appellant No. 1 availed Running Finance Facility (the "RF Facility") for Rs. 05 Million sanctioned vide Facility Offer Letter dated…

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