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

Section: 9,22

Financial Institutions (Recovery of Finances) Ordinance, 2001 (XLVI of 2001)-- ----Ss. 9 ,  22--Finance facility--Recovery suit was decreed--Statement of accounts--Notice of demand--Payment of total instalments--Determination of dispute--Challenge to--Respondent has made payment of last instalment in month of January, 2012 and totalinstallments have already been paid by respondent to Appellant, outstanding amount comes to Rs. 36,66,668/- as has rightly been observed by Banking Court--No discrepancy was pointed out by Appellant in statement of account; Banking Court was justified on relying upon same for determination of dispute between parties and has rightly decreed suit--Appeal dismissed. 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 Appellant-plaintiff agreed to sanction Rs. 50,00,000/- as finance facility vide acceptance letter dated 13.08.2007 for a period of 20-years; as a consequence whereof, the respondent had to repay…

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