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

Section: Preamble

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)---Preamble---Interpretation and scope of Financial Institutions (Recovery of Finances) Ordinance, 2001---Every provision of the Ordinance for being a special law, would be construed strictly and adhered to meticulously. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--Ss. 3(2), 4 & 9---Default in discharge of obligation by customer or financial institution---Effect---Such default would not only incur cost of funds under S. 3(2) of Financial Institutions (Recovery of Finances) Ordinance, 2001, but would be actionable under S. 9 thereof---Party seeking recovery of outstanding liabilities from other would be legally bound to support contents of plaint by filing statement of accounts and other relevant documents relating to grant of finance--- Plaint, in case of suit by financial institution, must disclose amount of finance availed, paid and payable by customer. (c) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 9 & 10--- Suit for recovery of loan amount by Bank---­Leave application---Customer's objection that statement of accounts filed by Bank started with brought forward balance instead of zero balance---Validity---Customer had neither disputed execution of charge documents and availing of finance nor alleged any payment not reflected in statement of accounts---Had either customer disputed existing outstanding amount or Bank claimed mark up, then such objection would have carried weight---Such objection was turned down in circumstances. (d) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 9 & 10---Civil Procedure Code (V of 1908), O. VIII, R.6---Suit for recovery of loan amount by Bank---Leave application---Customer's claim for set-off on account of damages suffered by him due to action/non-action on part of Bank---Maintainability---Customer could not set up a claim of set-off against Bank in such suit---Permitting a customer to claim damages by way of counter claim or set-off would not only frustrate very intent of the Financial Institutions (Recovery of Finances) Ordinance, 2001 as…

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