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

Section: 22,27

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 22 27---Suit for recovery of finance---Finality of order---Principle of past and closed transaction---Applicability---Decretal amount, amendment of---After the and decree was maintained by High Court, on the application of respondent Bank, the Banking Court enhanced decretal amount---Validity---Judgment and decree passed by Banking Court under the theory of merger was merged in and decree passed by High Court in exercise of appellant jurisdiction, in the earlier round of litigation and had become past and closed transaction---Respondent Bank, at its own will and whims could not assail before Banking Court, the which had merged into final passed by High Court, by moving a miscellaneous application---Banking Court had allowed application of respondent bank in violation of the provisions of S. 27 of Financial Institutions (Recovery of Finances) Ordinance, 2001---Only remedy available to respondent bank was to assail and decree passed by High Court by filing appeal before Supreme Court---When in an appeal/revision/writ, of lower forum was reversed, varied, modified or affirmed, after recording reasons on the consideration of issues of law and/or fact, the /order of the subordinate Court/forum merged into the decision of appellate Court, irrespective of the fact that such had reversed, varied or affirmed the decision of subordinate Court/forum---Decision of appellate Court would be operative and capable of enforcement in such case on the principle of merger---Application for modification of decretal amount could only be moved before High Court---High Court set aside the order of Banking Court on the doctrine of merger and the same was also violative of S. 27 of Financial Institutions (Recovery of Finances) Ordinance, 2001---Appeal was allowed, in circumstances. Marhaba Textile Limited v. Industrial Development Bank of Pakistan 2003 CLD 1822; Askari Commercial Bank Limited through Authorized Signatory v. Messrs Bake Line Products through Partners and 5 others 2013 CLD 836; Anwar Mehmood v. Messrs Askari Bank Limited 2013 CLD 912; Messrs. Tharparkar Sugar Mills through Authorized…

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