Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss.9, 10 & 11---Suit for recovery of loan amount---Application for leave to defend suit---Defendant admitting plaintiff's claim to some extent, but disputing remaining amount consisting of cushion period mark-up, mark-up over mark-up beyond contractual period, godown staff salaries and insurance charges for being excessive and illegally charged---Validity---Bank was granted interim decree to the extent of its claim admitted by defendant---Regarding rest of the claim of Bank, defendant had some case to be further investigated---Defendant was granted unconditional leave to defend suit, which would be decided after framing of issues and recording evidence of parties. JUDGMENT MIAN HAMID FAROOQ, J.---Appellants/judgment-debtors, through the present appeal, have called in question judgment and decree, dated 24-11-2005, whereby the learned Judge Banking Court, after dismissing appellants' application for leave to defend the suit, proceeded to decree respondent's suit for recovery of Rs.36,93,825 with costs and cost of funds, except liquidated damages, jointly and severally against all the appellants. 2. Precisely stated facts, leading to the filing of the present appeal, are that the respondent-Bank filed the suit for recovery of Rs.36,93,825, against the appellants before, the learned Judge Banking Court, inter alia, pleading that appellant No.1, a partnership concern, of which appellants Nos.2 to 6 are partners, availed various financial facilities from the respondent-Bank, the defendants executed various documents, including mortgage deeds, and subsequently they defaulted in fulfilling their obligations and neglected to pay the suit amount, which necessitated the suit. Pursuant to the receipt of summons issued by the learned Banking Court, as prescribed under the law, the appellants, except defendants Nos.8 and 9, filed the application seeking leave to defend the suit, which was opposed by the respondent-Bank through filing its reply. In the ultimate analysis, the learned Judge Banking Court, after finding that no serious and bona fide dispute has been raised in appellant's leave…

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