Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001) S.22 Appellant had admitted his liability towards the principal amount and mark up Mark up amount had also been provided by the appellant in the account statement filed with the leave application Such being the only amount which the bank had claimed and nothing had been added over and above the such amount in the shape of compound mark up on this amount, the appellant was obliged to make payment of the said amount ¬Appeal for the reduction of appellant's liability towards the bank was dismissed, in circumstances. JUDGMENT MIAN SAQIB NISAR, J. Respondent on 5 11 2001, brought a suit for recovery of an amount of Rs.34,36,263 against the appellant on account of short term finance facility granted by the respondent to the appellant, under sanction limit of Rs.5,000,000 out of which, the appellant had been availing amount from time to time. The appellant moved an application for the grant of leave to appear and defend, which application, has been disallowed. However, learned Banking Court, instead of awarding a decree to the tune of suit amount, has allowed the same, to the extent of Rs.23,93,860. 2. Learned counsel for the appellants, does not deny the availing of the facility or execution of relevant documents and the correspondence exchanged between the parties, but states that the appellants had made payments of substantial amount for the discharge of its liability, but these amounts have not been excluded as these are not reflected in the statement of account filed with the suit. Thus it is submitted that the liability of appellants was only Rs.12,98,160 and out of this amount too, the appellants had admittedly paid Rs.9,00,000 resultantly, the outstanding liability is only Rs.3,98,160. 3. When questioned, as to how does the appellant works out the above amount of Rs.12,98,160, learned counsel for the appellant has drawn our attention to letter dated 15 6 2000, written by the respondent Bank in which, it is stated that due to remission on account of charge of compound interest amounting to Rs.7,78,413, the liability…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492