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

Section: 8,9,20

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)---Ss. 8, 9 20--- Financial Institutions (Recovery of Finances) Rules, 2018, R. 5---Quashing of criminal proceedings---Wilful default, investigation of---Determination of liabilitys availed finance facility but due to their failure to repay within time, respondent Bank filed complaint with Federal Investigation Agency to investigation offence of wilful default---Plea raised by petitioners was that before determination of liability under civil law, criminal proceedings of wilful default could not be initiated---Validity---Federal Investigation Agency was empowered under Financial Institutions (Recovery of Finances) Rules, 2018, to investigate complaints filed by financial institutions in the matters of wilful default in adjustment of any financial liability---Offence of wilful default under S. 20(8) (9) of Financial Institutions (Recovery of Finances) Ordinance, 2001, was a cognizable and non-bailable in nature and could be tried by Banking Court constituted under Financial Institutions (Recovery of Finances) Ordinance, 2001---Jurisdiction of Federal Investigation Agency was not precluded from conducting inquiry on complaint filed by respondent Bank---Complaint filed by respondent Bank was pre-mature as the same was filed prior to fixation of civil default---High Court quashed the complaint as suit for recovery of finance was pending before High Court Bank could file fresh complaint after the suit was decided and liability of default was fixed against petitioners and only then Federal Investigation Agency was empowered under R. 5 of Financial Institutions (Recovery of Finances) Rules, 2018 to conduct inquiry on the complaint---Constitutional petition was allowed, in circumstances. Asfandyar Wali v. The Federation of Pakistan and others PLD 2001 SC 607; The State through Chairman NAB and other v. Muhammad Asif Saigol and others PLD 2016 SC 620; Syed Muhammad Shah and others v. Federal Investment Agency and others 2017 SCMR 1218 and Mian Ayaz Anwar and others v. State Bank of Pakistan 2019 CLD 375 rel. JUDGMENT: MUHAMMAD KAMRAN KHAN MULAKHAIL, JUSTICE:---.--- Through this petition, following…

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