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

Section: 9,10

(a) Financial Institutions (Recovery of Finances) Ordinance (XLIX of 2001)--- ----S. 9---Procedure of Banking Court---Scope---Application for leave to defend suits assailed and decree passed by Banking Court whereby it decreed the suit of the Bank---Contention of appellants was that the Banking Court had not consolidated their suit for cancellation of mortgage deed (originally filed before Civil Court) with Banks suit despite the fact that the High Court had ordered it to do so---Validity---Order passed by High Court had no relevance to the proceedings before the Banking Court and non-consolidation of suits had not caused any prejudice to the appellants as they had availed opportunity to put forth their stance by filing application for leave to defends had generally denied all the allegations without cogent reasons and had also denied relationship with the Bank---Bank, through production of substantial documents, had established on record that finance facility was availed---Banking Court had taken into consideration all the grounds mentioned by the appellants in their application for leave to defend---No illegality or perversity was found in the impugned --- Appeal was dismissed, in circumstances. (b) Financial Institutions (Recovery of Finances) Ordinance (XLIX of 2001)--- ----S. 10---Application for leave to defend---Scope---Section 10(3) of Financial Institutions (Recovery of Finances) Ordinance, 2001, provides that leave to defend shall also be in such form which contain a summary of the substantial questions of law as well as fact in respect of which evidence needs to be recorded, which should be filed according to S. 10(4) of the Financial Institutions (Recovery of Finances) Ordinance, 2001. JUDGMENT JAWAD HASSAN, J.--- Through this Appeal, filed under section 22 of Financial Institutions (Recovery of Finances) Ordinance, 2001 (the Ordinance), the Appellants have challenged the validity of impugned order dated 26.01.2016 passed by the Banking Court, Bahawalpur (the Banking Court) whereby it decreed the suit filed by the Respondent-Bank to the tune of Rs.1,61,42,995/- along with cost of funds from the date of expiry i.e. 30.04.2004 till its realization. I.…

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