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

Section: 10,9,7

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 10, 9 7---Procedure of Banking Court---Suit for recovery---Application for leave to defend, adjudication of---Failure to comply with mandatory requirements of S. 10 of Financial Institutions (Recovery of Finances) Ordinance, 2001---Effect---Application for leave to defend was dismissed by Banking Court---Contention of defendant, inter alia, was that application for leave to defend ought to have been granted as precious rights of defendant were involved---Validity---Application for leave to defend, in present case, contained no meaningful ground challenging liability set up in plaint and same did not comply with mandatory requirements of S. 10(4) of Financial Institutions (Recovery of Finances) Ordinance, 2001---Failure to meet such mandatory requirements, it was incumbent on Banking Court to reject such application for leave to defend in terms of S. 10(6) of Financial Institutions (Recovery of Finances) Ordinance, 2001, and pass decree forthwith---No illegality therefore existed in impugned order---Appeal was dismissed, in circumstances. Appollo Textile Mills Limited v. Soneri Bank Limited 2012 CLD 337 rel. ORDER This is an appeal filed under section 22 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (the Ordinance) against judgment and decree dated 12.06.2012 passed by the Banking Court. 2. Brief facts of the case are that respondent bank filed a suit against the appellant seeking recovery of Rs. 1,414,595/- in terms of the prayer made in the plaint on account of a finance facility which was granted through sanction advice dated 30.12.2008. The appellant filed his application for leave to defend. The Banking Court after hearing the argument dismissed the said application and decreed the suit filed by the respondent bank. 3. The learned counsel for the appellant argued that the application for leave to defend ought to have been granted as precious rights of the appellant were involved. We have gone through the contents of the PLA filed by the appellant and find that it not only does not comply with the requirements of section 10 of the Ordinance but contains…

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