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

Section: 22

Law: Civil Procedure Code (V of 1908)

Section: 12(2)

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S. 22---Civil Procedure Code (V of 1908), S. 12(2)---Judgment and decree, setting aside of---Scope---Provisions of S. 12(2), C.P.C. are applicable in banking matters but in no event can be a substitute of appeal as provided under S. 22 of Financial Institutions (Recovery of Finances) Ordinance, 2001. Muhammad Yaqoob and others v. Messrs United Bank Limited and others 2007 SCMR 922 rel. (b) Civil Procedure Code (V of 1908)--- ----S. 12(2)---Limitation Act (IX of 1908), Art. 181---Decree, setting aside of---Limitation---No period has been prescribed in Limitation Act, 1908, for filing application under S. 12(2), C.P.C.---Residuary Art. 181 of Limitation Act, 1908 governs such like situations which prescribes a maximum period of 3 years. Sarfraz v. Muhammad Ahmed Khan and another 2001 SCMR 1062 rel. (c) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 9 11---Civil Procedure Code (V of 1908), S. 12(2) O.XXIII, R. 3---Enforcement of Sharia Act (X of 1991), Ss. 19 21---Compromise decree, setting aside of---Non-fulfillment of existing obligations---Plea of Haraam act---Compromise decree was passed by Banking Court, with consent of parties, but on failure of debtors to comply with their obligations, execution proceedings were filed---Judgment debtors sought setting aside of and decree on plea that act of charging markup was Haraam in Islam and on plea of misrepresentation and fraud---Validity---Customers were bound under Ss. 19 21 of Enforcement of Sharia Act, 1991 to fulfil their promises, obligations and commitments until an alternative economic system was evolved---Judgment debtors were fully aware of charging of markup under finance agreements duly signed and executed between the parties---Judgment debtors, benefited themselves from financial facilities granted to and availed by them even rescheduling of finance facilities was done at their request---Judgment debtors could not be permitted to take somersault and then allege that markup agreed to and charged in terms of finance agreement was either not payable or otherwise it was Haraam---After passing…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492