Law:

Section:

Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997) Ss. 9 & 10 Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001), Ss. 9 & 10 Suit against Bank ¬Dismissal of suit without application for leave to appear and defend Past and closed transaction Banking Court instead of asking the Bank to file application for leave to defend, dismissed the suit for the reason that the transaction subject matter of the suit was past and closed -Validity Banking Court was required to ask the Bank to file an application seeking leave to appear and defend the suit Dismissal of suit by the Banking Court was not consistent with the provisions of Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997, or by Financial institutions (Recovery of Finances) Ordinance, 2001 Plaint, in the present case, disclosed a cause of action and the same could riot be rejected ¬Banking Court could have considered the application for leave to defend and then decided the same Judgment and decree passed by the Banking Court was set aside and the case was remanded for decision in accordance with law ¬Appeal was allowed accordingly. JUDGMENT JAWWAD S. KHAWAJA, J. This appeal impugns the judgment and decree, dated 18 7 2001 passed by the learned Banking Court, Gujranwala. 2. Although we have heard both learned counsel at some length on merits, we do not wish to comment on the merits of the case, because we propose to allow the appeal, set aside the impugned judgment and decree and remand the case to the Banking Court. 3. For the purpose of this judgment, it is sufficient to say that appellant Sarfraz Ahmad filed a suit against the respondent Bank. This…

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