Law:

Section:

Banking Companies (Recovery of Loans) Ordinance (XIX of 1979)--- ----S.6---Recovery of loan---Suit for---Plaint which was verified on oath was accompanied by Mortgage Decd, statement of account and other documents--­Plaintiff also filed affidavit of one of the officers of Bank in evidence--­Evidence produced by plaintiff-Bank on record having gone unchallenged and unrebutted, suit was decreed with interest. JUDGMENT This is a suit for recovery of Rs.15,83,820 under Banking Companies (Recovery of Loans) Ordinance, 1979 read with Order 34, C.P.C. Plaintiff M/s. United Bank Ltd. had granted to the Defendants' predecessor Qutubuddin a loan of Rs!J,00,000 (Rupees nine lacs) with interest @ 1% above bank rate with quarterly rests. The entire loan was repayable to the plaintiff in 12 equal half-yearly installments plus quarterly interest. Qutubuddin had executed Registered Mortgage Deed and deposited the title documents of the property of Defendant No.1 factory. Defendant No.2 Mst. Hafeez Jehan is the widow of deceased borrower and is the only heir. Qutubuddin had also executed Demand Promissory Note, letter of disbursement, letter of arrangement and letter of installments. Out of the amount due from him, Qutubuddin repaid only Rs.10,000 on 9-11-1985. On 28-3-1991 a sum of Rs.15,83,820 was due to the plaintiff from the Defendants which they have failed to pay in spite of repeated demands. Hence the suit. 2. The Defendants were served by publication. They have chosen to remain absent in spite of service. Hence the suit has been…

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