Law:

Section:

Modaraba Companies and Modarabas (Floatation and Control) Ordinance (XXXI of 1980) S. 30 Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997), S.10 Recovery of Musharka facilities Leave to appear and defend the suit ¬Conditional order Bona fide dispute Financial institution admitted that the entire principal amount had been paid by the borrower besides another sum of Rs.1 million deposited by the borrower Contention of the borrower was that the Banking Court had not taken into account the agreements between the parties whereby the financial institution was to share the loss in the business Validity Contention of the borrower did constitute substantial question to be resolved by the Banking Court High Court granted leave to defend the suit with the condition of depositing Rs.3 million within one month of the passing of the order High Court directed that in case of failure to deposit the amount, the leave granting order would be recalled Appeal was allowed accordingly. JUDGMENT MAULVI ANWRUL HAQ, J. The respondent filed a suit on 6 11 1997 for recovery of Rs.11,962,287 against the appellants. In the plaint, it was stated that two Musharka facilities were provided to appellant No.1 vide two investment agreements, dated 19 7 1992 and 12 7 1993 for Rs.5 Million and Rs.4 Million, respectively; that these facilities were availed by the said appellant No. l one after the other. The securities are detailed in para.5 of the plaint. It was stated that the appellant No. l has committed a default in the payment of principal amount and the provisional profits under the agreement and upon the demand of the respondent, the appellant No. l had been writing letters to pay off the liability but the same had not been done and that the suit amount is payable as per the statement of accounts attached with the plaint. It was also stated that under the orders of this Court, dated 16 10 1997, passed in C.O. No.57 of 1997 the appellant No.1 has made a deposit of Rs.25,00,000 with the respondents. With these averments, a decree for the suit amount alongwith damages at the rate of 20% per annum and future profit till the date of final release of the…

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