Law:

Section:

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------S.7(6)---Civil Procedure Code (V of 1908), S.24---Transfer of a case---Pecuniary jurisdiction of High Court---Jurisdiction of High Court under S.24, C.P.C. cannot be equated with transfer of a case by operation of law---Once the suit under law stands transferred in view of S.7(6) of the Financial Institutions (Recovery of Finances) Ordinance, 2001, the same cannot be retained on the ground that conferment of jurisdiction at a higher level on High Court by Financial Institutions (Recovery of Finances) Ordinance, 2001, would not deprive the High Court of its power to proceed with the matter less than the lower pecuniary limit of High Court. United Bank Ltd. v. Jaffer Flour Mills PLD 1985 Lah.541 and Jehangir Khan v. Banking Tribunal, Karachi 2002 CLD 1466 ref. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S.2(b)---Jurisdictional value of the suit ---Determination--¬Factors---Jurisdictional value of the suit could not be set up on the counter claim through the application for leave to defend the suit which had not been allowed and fate of the counter claim was dependant on the result of the adjudication of said application, though the counter claim, for all purposes, was a separate claim/suit. ORDER The paramount question to be addressed in this matter is whether the valuation fixed by the plaintiff in suit or the valuation of counter-claim set up by the defendant in application for leave to defend the suit, would be determining factor for the purpose of jurisdiction of the Banking Court. The above question has arisen in the following circumstances:-- The plaintiff filed suit for recovery against the defendants-borrowers. The valuation of the suit, according to para.23, has been fixed at Rs.28,597,691.23 plus US$ 51,070.05. Thus the valuation of the suit is more than thirty million but less than fifty million. The above suit was filed in this Court under the provisions of Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997 (in short Act, 1997), whereunder the pecuniary jurisdiction of Banking Court (High Court) under…

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