Law:

Section:

Financial Institution (Recovery of Finances) Ordinance, 2001 (XLVI of 2001)-- ----S. 9--Provisions of Section 9 are mandatory, secondly two separate duties are cast on the plaintiff in a suit filed under Section 9 of the Ordinance firstly to state in the plaint, the finance availed, the amount paid back and the balance amount outstanding--Plaint must be supported by a statement of accounts which in the case of a financial institution must be duly certified under the Banker's Books Evidence Act, 1891--Such statement of account not only should show each individual transactions separately whereby any amount availed (or otherwise debited) or paid back (or otherwise credited) but also such statement of accounts must support the claim in the plaint--Furthermore, each and every entry credit or debit must be satisfactorily identified not only as to its date but also its mode and manner--Such identification must be sufficient to make the statement of accounts comprehensively to any reasonable person reading the same. Financial Institution (Recovery of Finances) Ordinance, 2001 (XLVI of 2001)-- ----S. 10(4) & (6)--Non-compliance of--A penalty has been provided for non-compliance of inter-alia the requirements of Section 10(4)--Requirements of Section 10(4) are mandatory in nature--In case of non-compliance of the provisions of Section 10(4) of the Ordinance, no penal consequences would come into effect if sufficient cause for non-compliance is disclosed in the PLA, as has been stated in Section 10(6) of the Ordinance--Rescheduling does not discharge the sureties of their liability. 2003 CLD 702, ref. THIS JUDGMENT DELIVERED BY: SH. AZMAT SAEED, JUSTICE---.--- The plaintiff has filed the instant suit for recovery of Rs.66.263 millions as due on 13.12.2005 against Defendants No. 1 to 7 jointly and severally along with cost of funds, liquidated damages and cost of the suit. It is further prayed that the plaintiff be allowed to sell the pledged shares in the open market. 2. The case of the plaintiff as disclosed in the plaint is that the plaintiff claims to be a financial institution as defined by Section 2(a) of the Financial Institution (Recovery of Finances),…

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