Law:

Section:

Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997)-------S.15(2)---Constitution of Pakistan (1973), Art.199--­Constitutional petition---Decree for recovery of amount--­Banking Court refused to grant relief of all time mark-up to petitioners under Incentive Scheme (Circular dated 24-3-1999)---Validity---Controversial question of accounts being involved in the case, High Court, with agreement of parties, disposed of the Constitutional petition with directions to Banking Court to determine the liability, if any, of petitioners according to terms of Circular dated 24-3-1999 issued by Bank after taking into account the amounts already deposited by them in their accounts and under orders of Banking Court and High Court. JUDGMENT The petitioners have filed this Constitutional petition seeking directions to the respondent-Bank to allow the petitioners to take the benefit of the incentive scheme introduced by the respondent-Bank. 2. Facts necessary for the disposal of the present writ petition are that a decree for recovery of Rs.4,00,203.50 was passed by respondent No.. 2 against the petitioners, but the decretal amount could not be liquidated by the petitioners on account of adverse financial circumstances. It has been narrated in the writ petition that the respondent-Bank introduced an incentive scheme, whereunder the borrowers, who obtained the loans below Rs.5,00,000, were granted all time relief of mark-up. The petitioners statedly filed an application under section 15(2) of the Act XV of 1997 and requested the learned Banking Court for the benefit of the Scheme. It has been averred in the writ petition that the petitioners have paid a total sum of Rs.6,01,100 and maximum an amount of Rs.1,06,600 was outstanding against the petitioners out of which the petitioners have paid a sum of Rs.1,00,000 in the Banking Court. The respondent No.2 has not acted in accordance with the terms and conditions of the circular, therefore, the petitioners are being meted out with…

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