Law:

Section:

(a) Civil Procedure Code (V of 1908)-------0. XII, R. 6---Contract Act (IX of 1872), S.39---Decreeing of suit on the basis of admission---Repudiation of agreement---Effect---Contention raised by defendants was that the suit should be decreed in terms of agreement arrived at between the parties---Defendants themselves had refused to admit the existence of any agreement and had dubbed the same to be fictitious and fake---Where such repudiation was accepted by the plaintiff as provided by S.39, Contract Act, 1872, it could not be said that there was subsisting agreement between the parties in circumstances. (b) Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XIV of 1997)--- ----S. 9---Banks (Nationalization) Act (XIX of 1.974), S.3---Suit for recovery of Bank loan---Competence of person filing the suit---Filing of suit by person authorised by the Executive Board of the Bank and not by the Board of Directors---Validity---Provisions of Banks (Nationalization) Act, 1974, originally provided setting-up of Executive Board and it was only by the amendment made by the Banks (Nationalistaion) (Amendment) Act, 1974, that the concept of Executive Board was done away and the same was replaced by the Board of Directors---Such an amendment was made much after the execution of power of attorney of person filing the suit---When the power of attorney was executed it was the Executive Board which could authorise and appoint attorneys---Power of attorney had authorised the attorney to commence, prosecute and defend all actions or proceedings, whether civil, criminal or revenue and to engage counsel on behalf of the bank---Suit, in circumstances, was filed by a competent person. Messrs United Bank Ltd. of Pakistan's case PLD 1997 Kar. 62 ref. (c) Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XIV of 1997)--- ----5. - 17(3)---Qanun-e-Shahadat (10 of 1984), Art. 17---Blank Banking documents---Effect---Under the provision of S.17(3) of the Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997, where such documents were executed prior to coming into force of the Banking Companies (Recovery of Loans,…

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