Law: Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997

Section: 2

(a) Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997)---Ss. 2(c), (d) & 7---Surety or indemnifier, proceedings against---Jurisdiction of Banking Court---Scope---Banking Court, by virtue of S. 2(c)(d) of Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997 has the jurisdiction to take cognizance of the matter against surety and indemnifier as they are included in the definition of borrower and customer. Fort Supper Pakistan's case 1988 MLD 1058 rel. (b) Bankers' Books Evidence Act (XVIII of 1891)--- ----S. 4---Certified statement of accounts--­Presumption of correctness--- Condition--­Where the entries in such a statement have not been rebutted with cogent reasons, the presumption of correctness is attached with such certified statement of accounts under S.4 of Bankers' Books Evidence Act, 1891. (c) Partnership Act (IX of 1932)--- ----S. 25---Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997), S. 9---Suit for recovery of Bank loan---Borrower, a partnership firm--­Liabilities of partners---Each and every partner is jointly and independently responsible to repay the debts of the Bank. (d) Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997)--- ----S. 9---Civil Procedure Code (V of 1908), O.XXXIV, R. 3---Suit for recovery of Bank loan---Enforcement of mortgage of immovable property--- "Decree", nature of---Where claim filed before Banking - Court was for enforcement of mortgage of immovable pro­perty "decree" would mean final decree for foreclosure, sale or redemption. Akbar Agencies' case PLD 1987 Kar. 81 rel. (e) Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997)--- ----S. 10---Civil Procedure Code (V of 1908), O.XXXVII, R. 3---Leave to defend suit--­Grant or refusal of leave to defend--­Principles enumerated. The following are broad principles for determining the controversy regarding grant or refusal of leave to defend the suit under Order XXXVII, C.P.C. and more particularly in cases under Banking Companies (Recovery of Loans) Ordinance, 1979 or under Banking Companies (Recovery of Loans,…

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