Law: Banking Companies (Recovery of Loans), Ordinance (XIX of 1979)

Section: 2,12(5),2

Law: Constitution of Pakistan, 1973

Section: 185(3)

(a) Banking Companies (Recovery of Loans), Ordinance (XIX of 1979)--(. .2 [as amended by Banking Companies (Recovery of Loans) (Amendment) Act (XVII of .1992)]---Constitution of Pakistan (1973), Art.185(3)---Leave to appeal was granted to consider, whether change in jurisdiction brought about by Banking Companies (Recovery of Loans) (Amendment) Act, 1992, was procedural and operated retroactively so as to make the proceedings before Special Court established under Banking Companies (Recovery of Loans) Ordinance, 1979; presided over by Judge of High. Court, without jurisdiction, thereafter. (b) Banking Companies (Recovery of Loans) Ordinance (XIX of 1979)--- ----Ss. 12(5) & 2---Security already furnished by defendant for obtaining loan from Bank, whether to be treated as security for purposes of admission of appeal---Defendant while filing appeal car: offer security already furnished at the time of obtaining loan as security required by :x.12(5), Banking Companies (Recovery of Loans) Ordinance, 19'79 and can prove that its value at the time of offering it was sufficient to satisfy decretal amount---Court on such satisfaction can accept the- same security for purposes of S.12(5), Banking Companies (Recovery of Loans) Ordinance, 1979---Such aspect was completely. ignored by the High Court though defendant had filed application praying that security furnished . Bank should be taken as security for purposes of admission of appeal---High Court should have given opportunity to defendant to satisfy that security already furnished to Bank was sufficient to satisfy decree, then unless -it had transpired that same was insufficient, High Court,was not justified to dismiss appeal under S.12(5), Banking Companies (Recovery. of Loans). Ordinance, 1979---Judgments and decrees of Courts below were set aside' and suit was directed to be transferred to Special Court of competent jurisdiction, which would start proceedings from the specified date when S.2, Banking Companies (Recovery of Loans) Ordinance, 197'9 was amended. Usman Hussain v. Habib Bank Limited and 4 others PLD 1988 Kar. 628; Yusuf Ali Khan, Barrister-at-Law, Lahore v. Messrs Hongkong & Shanghai Banking…

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