Law:

Section:

(a) Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997) Ss. 7, 9 & 10 Suit for redemption of mortgaged property and release of mortgage deed Application for grant of leave to appear and defend the suit Banking Judge, in absence of any triable issue between the parties needing evidence was quite justified to decline to accept application of defendant for grant of leave to appear and defend the suit. (b) Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997) Ss. 2, 7(4) & 9(1) Requirement and condition precedent for filing suit before Banking Court Borrower or a customer of Banking Company would be entitled to file a suit when any of them committed a default in fulfilling any obligation with regard to any loan or finance First requirement was that parties should be either borrower or a customer or a Banking Company which had been defined in S.2 of Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997; second condition precedent was that such suit must arise from a commission of a default in fulfilling any obligation touching business of loan or finance If transaction was outside the scope of loan or finance, even then commission of any default in fulfillment of obligation would not bring a suit within jurisdiction of the Banking Court Question whether there existed any agreement to grant loan or finance, would definitely fall within jurisdiction of Banking Court Where a suit was filed by a customer or a borrower claiming that amount received by him was not as a result of loan or finance, it would fall within jurisdiction of Bunking Court. United Bank Ltd. v. Adamjee Insurance Co. Ltd. 1988 CLC 1660; Munir Ahmad Siddique and another v. Feroz Ahmad Siddique and 2 others 1990 MLD 1776; National and Grindlyas Bank Ltd. v. N.P. Miranda and 2 others 1984 CLC 2106; Messrs Shafiq Hanif (Pvt.) Ltd., Karachi v. Bank of Credit and Commerce International (Overseas) Ltd. PLD 1993 Kar.107 and Kamran Industry (Pvt.) Ltd. v. Industrial Development Bank of Pakistan and others 1994 SCMR 1970 ref. (c) Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of…

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