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

Section: 10

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)---Ss. 7, 9, 10 & 20---Penal Code (XLV of 1860), S. 406---Constitution of Pakistan, Art.199---Constitutional petition---Criminal breach of trust---Registration of F.I.R. pending suit for recovery of loan---Petition for quashing of F.I.R.---Relationship between the petitioners and Bank was of banker and customer and Financial Institutions (Recovery of Finances) Ordinance, 2001 which was a special law, had been enacted for resolution of dispute arising out of finance, both civil and criminal---Basic purpose for enacting said special law was to provide machinery for ousting the jurisdiction of local Police with reference to commercial dispute between the banker and customer---Financial Institutions (Recovery of Finances) Ordinance, 2001, had provided the complete procedure for redressal of bank's grievance of criminal nature in addition to civil nature; and under S.7(b) of Ordinance Banking Court enjoyed all powers, vested in a Court of Session---Said powers were subject to proviso of S.20 of the said Ordinance, whereunder Banking Court would take cognizance only on a complaint in writing made by a person authorized in that behalf---Courts established under Criminal Procedure Code, 1898, would have no jurisdiction to take cognizance of the matter arising out of a finance advanced by the bank---Main object for enacting Financial Institutions (Recovery of Finances) Ordinance, 2001, which was special law, was that customer or the bank should not be dealt under ordinary court or criminal law---Special law would prevail over the general law---Local Police, in circumstances, had no jurisdiction to take cognizance in the matter covered under the Ordinance---Jurisdiction under the general law having been specially ousted, entertainment of complaint was patently against law---Very registration of F.I.R. was void as complainant was not authorized person to lodge the complaint and the exclusive jurisdiction to decide the issue was with the Banking Court---F.I.R. was quashed in circumstances. Industrial Development Bank of Pakistan and others v. Mian Asim Fareed and others 2006 SCMR 483 ref. Capt.…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492