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

Section: 9,10

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 9 10---Suit for recovery of bank loan---Leave to defend---Scope---Bank filed a suit for recovery of certain amount against the appellant---Appellant filed the application for leave to defend stating that the amount shown to have been disbursed to him was incorrect and that he had repaid the due amount, which was not reflected in the statement of account---Banking Court did not consider the defense taken by the appellant to be bona fide and consequently passed decree against him---Validity---Judgment passed by the Banking Court had not dealt with the defense raised by the appellant in any meaningful way---Appellant in his application for leave to defend had substantially complied with the requirements of S. 10 of the Financial Institutions (Recovery of Finances) Ordinance, 2001---Banking Court, however, had mechanically stated in the order that the appellant had not fulfilled the requirements of S. 10 of the Financial Institutions (Recovery of Finances) Ordinance, 2001---Appeal was allowed and the Banking Court was directed to expeditiously decide the application for leave to defend. ORDER C.M. No.1327 of 2022 This is an application seeking restoration of main appeal which was dismissed for non-prosecution on 09.05.2022. Reply to this application has not been filed by respondent bank. For the reasons stated in this application, it is allowed. Office shall fix the main appeal for today. MAIN CASE: This regular first appeal is filed under section 22 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (the Ordinance) for calling into question the judgment and decree dated 01.04.2017 passed by the banking court. 3. The facts of the case in brief are that the respondent bank filed a suit against the appellant seeking recovery of Rs. 1,518,803/- due under a finance availed under the Prime Ministers Youth Business Scheme for purchase of dairy and livestock. The appellant filed the application for leave to defend stating that the…

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