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

Section: 7(4), 9

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss. 7(4) & 9---Civil Procedure Code (V of 1908), O. VII, R.10---Recovery of finance---Employee loan---Return of plaint---Dispute was with regard to Staff Loan extended to defendant / employee of bank---Validity---Loan advanced by bank to its employee was finance falling within statutory definition of "finance" under Financial Institutions (Recovery of Finances) Ordinance, 2001---It was prerogative of Banking Court to determine whether or not heads of claims which defendant / employee alleged to fall outside the scope of finance, actually did---Such judicial determination of what heads of claim constituted "finance" had been mandated by the Legislature to be determined by Banking Court alone and not High Court exercising its original civil jurisdiction (under general civil law)---Division Bench of High Court retuned plaint to plaintiff / bank to enable it to avail jurisdiction of Banking Court under Financial Institutions (Recovery of Finances) Ordinance, 2001---Appeal was disposed of accordingly.2012 CLD 483; 2008 CLC 759; 2016 CLD 461; PLD 2010 SC 878; 1995 CLC 1982; 2014 CLD 729; 2019 CLD 1350; PLD 2022 SC 716; 2001 YLR 2259; 2015 CLD 600; 2019 CLD 1350; 2002 CLD 1466; PLD 2007 Kar. 362; PLD 2009 Lah. 494 and Nooruddin and others v. Messrs Sindh Industrial Trading Estate and others (High Court Appeal No. 129 of 2017) rel.ORDERJAWAD AKBAR SARWANA, J.----This Order arises out of High Court Appeal No.393/2018, which was disposed of on 12.11.2018 with directions to the trial court to decide primarily two issues in respect of maintainability of the suit, which the learned Division Bench as per its final order and the learned Single Judge on the trial side as on 18.12.2018 framed as follows:(a) Whether or not finance granted to an employee of a financial institution would change the nature of the transaction which otherwise falls within the definition of 'finance' under the above Ordinance?(b) Whether the suit would have been filed at the original side of this Court or in the Banking jurisdiction under the Financial Institutions (Recovery of Finance) Ordinance, 2001, ought to have been…

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