Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance, (XLVI of 2001)-------S. 10---Suit for recovery of loans against guarantors-Non¬filing of complete statement of accounts-Effect-Plaintiff's application for submission of detailed statement of accounts was allowed with an opportunity given to guarantors to file further leave application---Leave application so moved after statement of accounts was brought on record, was declined and suit was decreed---Validity---Grievance of guarantors was that certain amounts were paid by principal debtor to plaintiff but these amounts had not been adjusted in statement of accounts hence the suit amount was not due to plaintiff whereas plaintiff asserted that he had subsequently filed another detailed statement of accounts before the Banking Court with its permission but perusal of record did not disclose any such permission---In view of the inaccuracies, inadequacies, unauthorized entries as pointed out in statement of accounts and in order to ascertain as to what was the amount due to the plaintiff from principal debtor regarding which defendants were guarantors, the leave should have been allowed and the evidence should have been recorded. JUDGMENT MIAN SAQIB NIASR, J.---In May, 2000, respondent No.1 brought a suit for the recovery of Rs.6,71,61,754, inter alia against the appellants, suing them as the guarantors for the finance facility granted to the respondent No.2. Along with the suit, the proper and detailed statement of accounts was not filed. The respondent/plaintiff subsequently moved to the Court for the filing of the detailed statement of accounts, which application was allowed by the learned Banking Court vide order, dated 6-6-2001, with an opportunity given to the appellants to file further leave application, which was so moved after the statement of accounts was brought on the record by the respondent. After hearing the parties, the leave application has been declined and the suit has been decreed by the learned Banking Court to the tune of the suit amount. 2. Learned counsel for the appellants has argued that the statement of accounts, which was subsequently filed by the respondent/plaintiffs starts from…

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