Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss. 9, 10 & 22---Suit for recovery of loan---Application for leave to appear and defend suit---Appellants had contended that though under agreement, Bank was liable to make disbursement of the whole amount of facility, but same was not made in lump sum but in instalments and that they had been making certain payments to and deposits with the Bank but same were not adjusted against their liability according to payments made by them which was an example of lapses and omissions on the part of the Bank---Bank could not controvert said position---Bank could not satisfactorily explain as to what mark-up could be charged for that period when amount was not disbursed---Allowing the appeal, impugned was set aside---Leave was granted to appellants and matter was remanded to Trial Court accordingly. JUDGMENT MIAN SAQIB NISAR, J.---Respondent-Bank brought a suit for recovery of Rs.5,21,552 against the appellants. The appellants applied for leave to appear and defend the suit, but the same was rejected by the learned trial Court vide order dated 6-11-2001 and a judgment and decree to the tune of the suit amount has been passed in favour of the respondent-Bank and against the appellants. 2. Learned counsel for the appellants states that though under the buy back agreement dated 27-11-1998 the respondent-Bank was liable to make the disbursement of the whole…

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