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

Section: 10

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--Ss. 9 & 10---Suit for recovery of loan amount by Bank---Dismissal of defendant's leave application for non-prosecution---Effect---Documents produced along with plaint showed availing of finance by defendant and his failure to liquidate liabilities as per terms of Finance Agreements and security documents executed by him---High Court decreed the suit in circumstances. ORDER SYED HASAN AZHAR RIZVI, J.---None is appearing for the defendants on last several dates and on 27-5-2011 last and final chance was given to the Counsel for the defendants and it was observed that if none appears for the defendants on the next date of hearing the Application for leave to defend may be dismissed. Today none is in attendance on behalf of defendants and even no intimation has been received so far. Matter was taken up in the earlier part of the day. It is 11-35 a.m. Application for leave to defend bearing C.M.A. No.11536 of 2010 is dismissed for non-prosecution. Briefly the facts of the present suit are that the plaintiff filed the present suit on 26-7-2010 against the defendants under section 9 of the Financial Institutions (Recovery of Finance) Ordinance, 2001 (hereinafter referred as to "Ordinance 2001") for recovery of Rs.277,574,446.03 along with cost of funds, charges, costs, till the realization of the whole amount. The process under section 9(5) of the Ordinance, 2001 were issued to the defendants Nos. 1 to 7 by all four modes including publications and service was held good. Applications for leave to defend has been filed on behalf of the defendants bearing C.M.A. No.11536 of 2010 on 6-9-2010. Notice of leave to defend application was waived by the plaintiff counsel and copy was received by him and on 3-12-2010 the plaintiff filed replication. The plaintiff in the plaint stated that the plaintiff is a banking company existing under the laws of Pakistan having its registered office at P.O. Box No.5556, I.I. Chundrigar Road, Karachi wherefrom it is carrying on its normal business as a financial institution as defined in the Ordinance, 2001. It is further stated in the Plaint that the defendant No.1…

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