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

Section: 9,7&22

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)---Ss. 9, 7 22 ---Procedure of Banking Court---Suit for recovery---House Finance---Default by customer---Scope---Defendant/customer impugned order of Banking Court whereby suit filed by plaintiff Bank was decreed---Contention of defendant, inter alia, was that the Banking Court did not properly examine the record and had not scrutinized the statement of account filed by plaintiff Bank while passing impugned order---Validity---Perusal of record revealed that Banking Court had rightly computed outstanding amount owed by defendant and no discrepancy was pointed out by defendant in statement of account filed by plaintiff bank, therefore Banking Court was justified on relying upon the same for determination of decretal amount---No illegality existed in impugned order---Appeal was dismissed, in circumstances. ORDER: Through this single order, we intend to dispose of the instant appeal as well as the connected petition (Cross Objection No. 152237 of 2018) as both are intermingled with each other. 2. The Appellant has filed the titled appeal under section 22 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (the FIO) challenging the judgment and decree dated 23.11.2017 passed by the Judge Banking Court-II, Lahore in a suit filed by the Appellant for recovery of amount Rs.77,27,210/- along with future monthly instalments, rental/profit, costs and cost of funds, etc. till the realization of entire outstanding balance/dues, which was decreed to the tune of Rs.36,66,668/- in favour of the plaintiff and against the defendant with costs. 3. The learned counsel for the Appellant states that the impugned judgment has been passed by not properly examining the record and the statement of account filed by the Bank as per section 9(2) of FIO. On the other hand, the learned counsel for the Respondent supports the impugned judgment dated 23.11.2017. 4. Heard, record perused. 5. The perusal of record reveals that the respondent-defendant applied for financial facility to purchase a constructed house measuring 10-marlas situated in Punjab Co-operative Society Cantt, Lahore and the…

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