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

Section: 9,10

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 9 10---Suit for recovery of Bank loan---Leave to defend---Scope Bank filed suit for recovery of certain amount along with mark-up, cost of funds, charges and costs of suit from the defendant company and its directors, guarantors and mortgagors---Validitys suit was based on the statements of accounts attached with the plaint duly certified under the Bankers Books Evidence Act, 1891 and the same was not rebutted by the defendants with cogent reasons either through oral evidence or through documentary evidence---Defendant company had not denied availing finance facilities nor had it denied the documentation hence had admitted the availing of finance facilities and its documents, however, had alleged default in re-payment thereof--- Grievances of defendants revolved around the multiple allegations and claims mentioned in the Petition for Leave to Appeal (PLA)---First objection of the defendants was with respect to the incompetent institution of the suit by an unauthorized person but perusal of record revealed that suit was filed by the plaintiff through duly authorized attorneys, as their duly signed power of attorney was available on the record and therefore it was well within the requirements encapsulated under S. 9(1) of the Ordinance had also challenged the veracity of the documents produced by the plaintiff but was just a bald allegation without any substance or proof could not produce anything to support their stance taken in the PLA---Regarding the entries of Statement of Accounts, there was nothing untoward seen as some of the alleged disputed entries pertained to disbursement of finance facility to the defendants---Adjustment of markup was made in accordance with law and no markup over markup was charged by the plaintiff---Application of defendants for leave to defend lacked fulfilment of mandatory requirements---Defence set up in defendants application for leave to defend was evasive, improbable and no substantial questions of law or fact were raised in the leave application and as such it was liable to be rejected had failed to establish any ground for grant of leave to…

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