Law:

Section:

(a) Banking Companies (Recovery of Loans.) Ordinance (XIX of 1979)--- ----S. 12(4)---Appeal---Since appeal filed under provision of Ordinance (XIX of 1979), had. to be heard by a Bench of not less than two Judges, Registrar of High Court, was not competent to hear such appeal. (b) Banking Companies (Recovery of 1Loans) Ordinance (XIX of 1979)--- ----S. 12---Appeal---No appeal would' be admitted to hearing unless appellants deposited in cash decretal amount with Court in cash or at discretion of Appellate Court furnished security equal to such amount---Appellants having not fulfilled condition precedent for admission of their appeal, appeal was admitted for, regular hearing by. Court giving direction to appellants to furnish Bank guarantee for decretal amo4rit up to specified date. ORDER On a suit riled by Messrs Allied Bank of Pakistan, on 25-7-1985, for the .recovery of Rs.10,66,951.07 against Messrs Karraz Corporation and two others my learned brother Mahboob Ahmad, J (as he then was) decreed the suit against the appellants with, futum-interest at the rate of 14% per annum from the date of the institution of the sail till the realisation of the decretal amount. , The, appellants/judgment-debtors -preferred the instant appeal under section 12 of the. Banking Companies (Recovery of Loans) Ordinance, 1979 which was admitted to regular hearing on 17-3-1987 by the Registrar of this pursuant an application (C.M: No.3118/87) under Order X0, rule 5-read with section 151,: C.P:C. moved by the appellants seeking stay of she execution- proceedings, notice was issued to the decree-holder and status quo directed to be maintained meanwhile. On 26-91989 it transpired that no order as envisaged under section 12 (5) of the Banking Companies (Recovery of Loans) Ordinance, 1979 was Passed and the case was adjourned allowing the appellants to-show as to why they be not asked to file the…

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