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

Section: 10,9,7,22

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 10, 9, 7 22---Procedure of Banking Court---Suit for recovery---Application for leave to defend, adjudication of --- Question before High Court was whether Banking Court could dismiss suit without first accepting or rejecting application for leave to defend filed by defendant---Held, that Banking Court was empowered to examine the plaint to determine breach of obligation by a financial institution or a borrower before it fixed a date of hearing to decide application for leave to defend and Banking Court could reject or return a plaint by invoking any provision under the C.P.C. before summoning the defendant under S. 9(5) of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (Ordinance) or before fixing a specific date of hearing for application for leave to defend---Banking Court, however, once it examined plaint, and was satisfied that same was in order as per the requirements of the Ordinance, and had issued summons to defendant pursuant to which defendant filed application for leave to defend, and a date of hearing of same had been fixed, then Banking Court ought to cease taking any further step under the provisions of C.P.C. without first deciding application for leave to defend in accordance with S. 10 of the Ordinance---Banking Court, in such a case, was therefore duty bound to either grant or reject application for leave to defend in terms of S. 10 of the Ordinance before taking any other step towards progression and continuation of the suit. Anees-Ur-Rehman v. Faysal Bank Limited through Manager, 2019 CLD 1031; Amanullah Khan v. Habib Bank Limited 2014 CLD 1181; Sh. Nazir Ahmed v. House Building Finance Corporation, 2002 CLD 1634; Waheed Corporation v. Allied Bank Limited, 2003 CLD 245; Sheikh Muhammad Kashif v. Askari Leasing Ltd., 2004 CLD 1645; Habib Bank Limited v. The English Engineering Co. and others 2005 CLD 292; Falcon Ventures (Pvt.) Ltd. v. Punjab Banking Court-II 2004 CLD 726; Passco v. Omer Bilal Traders (Pvt.) Limited 2007 CLD 492; National Bank of Pakistan through Zonal Head And Constituted Attorney v. Messrs Suraj Ghee Industries Limited…

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