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

Section: 10

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--Ss. 9, 10 & 16(3)---Suit for recovery of outstanding lease rentals and repossession of leased machines on basis of Equipment Lease Agreement---Application to defend suit by principal debtor, dismissal of---Passing of decree by Banking Court---Validity---Principal debtor had not denied financial transaction, execution of entire documents, receipt of leased machines and default in payment of lease rentals--- Principal debtor had attempted to highlight a dispute with other two defendants over disposal of leased machinery during pendency of suit---Such agreement was between plaintiff and principal debtor, whereas other two defendants were not party thereto -- Principal debtor with a view to create a false defence had impleaded in appeal other two defendants as party, whose names were earlier deleted by Banking Court---Personal dispute of principal debtor with other two defendants could not be allowed to be raised in appeal arising from such agreement between him and plaintiff as same was governed by provisions of Financial Institutions (Recovery of Finances) Ordinance, 2001---Principal debtor had neither raised any substantial ground in leave application nor complied with requirements of S. 10 of Financial Institutions (Recovery of Finances) Ordinance, 2001---As under the terms of such agreement and provisions of S.16(3) of the Ordinance plaintiff had authority to recover and repossess leased machinery in case of default, High Court dismissed appeal with costs against plaintiff and with special cost of Rs.25,000 against other two defendants payable by principal debtor. Messrs Waheed Corporation v. Allied Bank of Pakistan 2003 CLD 245; Industrial Development Bank of Pakistan v. Blue Star Hotel (Pvt.) Ltd., and others 2006 CLD 1568; Ms Afshan Ahmed v. Habib Bank Limited 2002 CLD 137; Techno Powergen (Pvt.) Ltd. and others v. Al-Zamin Leasing Modaraba Management (Pvt.) Ltd. and another 2003 CLD 1729 and Rehman Feeds (Pvt.) Ltd. v. Agriculture Development Bank of Pakistan 2001 YLR 2240 ref. NIB Bank Ltd. v. Muhammad Yasir and another 2011 CLD 243; Habib Bank Limited v. Messrs Sabcos (Pvt.) 2006…

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