Law:

Section:

(a) Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997) Ss. 9 & 10 Contract Act (IX of 1872). S.73 Suit for recovery of Bank loan Non appearance of defendants ¬Liquidated damages Financial facility was availed by the defendants who failed to re pay the loan Despite service of process to the defendants by the Banking Court neither anyone appeared on behalf of the defendants nor any application for leave to defend was filed Bank filed all necessary documents with the plaint and claimed recovery of liquidated damages also Validity In absence of any rebuttal. High Court relied upon the documents and statement made in the plaint except the claim in respect of liquidated damages which were declined Suit was decreed accordingly. Habib Bank Limited v. Messrs Farooq Compost Fertilizer Corporation Ltd. and 4 others 1993 MLD 1571 ref. (b) Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997) S.18 Attachment before execution Suit was decreed by High Court in favour of Bank Application under S.18 of Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997, was filed for attachment of the properties mortgaged with the Bank Validity Properties which were mortgaged with the Bank had been listed in the application and the same were attached under S.18 of the Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act. 1997 Application was allowed in circumstances. JUDGMENT This is a suit for recovery of loans and outstanding against the defendants. 2. The plaintiff at the request of the defendants entered into an agreement on 28 6 1990 with defendant No. l for financing their business and establishing an industry, the defendant No. l were facilitated with the loan of Rs.169,000.000 (Rupees one hundred sixty-nine million only) being the purchased price and at the marked up price of Rs. 507,515,638 (Rupees five hundred seven million five hundred fifteen thousands and six hundred thirty eight only); the defendant No. 1 has availed the said finances, the copy of accounts as required under section 9(1) of the Banking Companies (Recovery of Loans. Advances. Credits and…

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