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

Section: 9,11(1)

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 9 11(1)---Suit for recovery of money---Interim decree---Phrase while granting leave to defend---Scope---Plaintiffs/customers sought passing of interim decree on the basis of facts admitted by defendant/bank---Contention of defendant/Bank was that before grant of leave to defend the suit, interim decree could not be passed---Validity---Words while granting leave to defend employed in S. 11(1) of Financial Institutions (Recovery of Finances) Ordinance, 2001, did not bar or imply that such decree could not be passed before leave to defend was granted, especially when admitted amount was payable by defendant/Bank to plaintiff/customer regardless of the fact whether leave to defend was granted or refused---High Court directed defendant/Bank to return admitted amounts to plaintiffs / customers and interim decree was passed---Application was allowed accordingly. Bank of Punjab through SVP v. TN Pakistan Pvt. Ltd. 2014 CLD 1341 rel. ORDER C.M. No. 01 of 2022 MUZAMIL AKHTAR SHABIR, J.---Through this application filed by the plaintiffs namely Mrs. Uzma Tahrim, Mrs. Ayesha Azhar Siddiqui and Mrs. Kiran Sahiba Taimur under section 11 of Financial Institutions (Recovery of Finances) Ordinance, 2001 (the Ordinance) and other enabling provisions of law, applicants seek passing of interim decree in their favour and against the respondent/defendant No.1-bank (Respondent Bank) to the effect that this Court may pass order directing the respondent bank to refund the surplus amount received by respondent bank from illegal adjustment of Rs.207.54 Million and uncashed DSCs having face value of Rs.216 Million available with the respondent bank. For the above said purpose they have relied upon admission made by the respondent bank in its similar replies dated 30.04.2022 addressed separately to all the three applicants in response to their letters dated 30.03.2022 attached with the plaint. The operative part of one reply is as under: This reply has been issued in pursuance of the receipt of a letter dated 30.03.2022 received via TCS Courier No. 40606306526 on 04.04.2022, regarding the return of the Surplus…

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