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

Section: 22

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S. 22---Appeal to High Court under S. 22, Financial Institutions (Recovery of Finances) Ordinance---Limitation for filing of such appeal---Computation of period of limitation after decree of Banking Court---Scope---Intervening period between estimation of costs for obtaining certified copy of decree and depositing of such costs, would be counted for purpose of computing period of limitation for filing of appeal under S. 22 of Financial Institutions (Recovery of Finances) Ordinance, 2001. Pak Leather Crafts Limited and others v. Al-Baraka Bank Limited 2019 CLD 659 rel. (b) Maxim--- ----Allegans contraria non est audiendus--- Meaning and applicability---Taking divergent stances and raising contradictory pleas offended principle of maxim allegans contraria non est audiendus and undermined foundations of defence sought to be raised by a litigant. JUDGMENT YOUSUF ALI SAYEED, J.--- This Appeal under section 22 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (the Ordinance) stems from Suit Number 437 of 2010 (the Suit) instituted by the Respondent under Section 9 of the Ordinance, seeking recovery of amounts said to be due from the Appellant in respect of a Murabaha Financing Facility of Rs.43,000,000/- (the Facility) extended by the former and availed by the latter under a Murabaha Financing Agreement dated 20.11.2007 (the Agreement), under the account of Messrs Image Embroidered Fabric - a proprietary concern of the Appellant. 2. The Application filed by the Appellant in the Suit under section 10 of the Ordinance, seeking leave to defend, was dismissed by the learned Judge of the Banking Court No. II at Karachi (the Banking Court) vide an Order dated 30.10.2013, with Judgment then being entered in favour of the Respondent on 17.01.2014 in the sum of Rs.43,085,037/-, along with cost of funds from the date of institution till realization. 3. The Banking Court also allowed the prayers made by the Respondent as to the costs of the Suit as well as the sale of two immovable properties, viz - (i) Plot No. D-44, Block-2 Clifton, Karachi, measuring 1000 square yards and…

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