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

Section: 7,9,10

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 10, 7 & 9---Suit for recovery---Procedure of Banking Court---Application for leave to defend---Mandatory requirements of S. 10 of the Financial Institutions (Recovery of Finances) Ordinance, 2001---Scope----Section 10 of Financial Institutions (Recovery of Finances) Ordinance, 2001 provided that a defendant/customer was required to specifically mention amount of finance availed, amounts paid to Financial Institution, dates of payments, and other information, up to date of institution of a suit for recovery---Such requirements had to be fulfilled by a defendant in stricto sensu---Where application for leave to defend contained mere vague averments and simply denied claim of Financial Institution, then such application had to be rejected by Banking Court. (b) Limitation Act (IX of 1908)--- ----S. 5--- Condoning of delay--- Principles--- Discretion of court, exercise of---Scope---Powers vested in a court to condone delay under S. 5 of Limitation Act, 1908 were discretionary in nature and for exercise of such discretion in favour of any party, Court must be satisfied that delay was beyond control of a party and was not contumacious---Once time began to run, it did not stop and delay of each and every day had to be explained in an application under S. 5 of Limitation Act, 1908. JUDGMENT ROZI KHAN BARRECH, J.---Through this appeal, filed under section 22 of Financial Institutions (Recovery of Finances) Ordinance, 2001 (the "Ordinance"), the appellant has challenged the validity of impugned judgment and decree dated 02.04.2015 passed by the Banking Court Balochistan, Quetta; (the "Banking Court") whereby it decreed the suit of the respondent/plaintiff. 2. Brief facts of the case are that the appellant obtained finance facility from the respondent in the year 2008 and mortgaged his property as a security which facility, later on, was also renewed by the respondent Bank on the request of the appellant, who executed various finance documents in favour of the respondent. But on his default in repayment of said loan facility the respondent Bank filed a suit for recovery of…

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