Law:

Section:

Financial Institution (Recovery of Finance) Ordinance (XLVI of 2001)-------Ss. 2(a) & 9---Suit for recovery of amount---Plaintiff, a Financial Institution--- Maintainability of suit---Defendants who fully utilized the charge card facility extended to them allegedly having failed to pay admitted outstanding amount, attorney of plaintiff filed suit for recovery of amount--Suit was resisted by defendants alleging that plaintiffs being not a Financial Institution as defined in S. 2(a) of Financial Institution (Recovery of Finance) Ordinance, 2001, suit filed by them was not maintainable---Validity-Plaintiff by virtue of being subsidiary of a Bank, could not assume the business of the holding company of Banking business, but its business would remain confined to the business for which it was formed as detailed in its Memorandum of Association---Contention that plaintiff being subsidiary of Bank, was a Banking Company was repelled---Plaintiff would not be a Financial Institution, unless it was covered by definition of "Financial Institution" contained in Cl. (a) of S. 2 of Financial Institution (Recovery of Finance) Ordinance, 2001-Agreement arrived at between plaintiff and the Bank showed that plaintiff had transferred/assigned all rights, title and interest with regard to the charged Book-debts to the Bank in the year 2000---Plaintiff subsequently filed suit in the year 2002 when it had no right, title and interest with regard to debts which were already assigned to the Bank-Plaintiff; in circumstances had no cause of action to bring suit for recovery of amount against defendants¬ Party having no cause of action, could not bring suit in respect of assigned/transferred debt---Suit of plaintiff was dismissed. ORDER SHABBIR AHMED, J.--The question in this appeal 1st whether the respondent Diner Club of Pakistan (Pvt.) Ltd. is a Financial Institution as defined in the Financial Institutions (Recovery of Finance) Ordinance, 2001, (for short-the Ordinance) to give jurisdiction to the Banking Court in case of default in obligation by the appellants. Mr. Arshad Tayabally was also appointed Amicus Curiae to assist the Court. The above question emanates in the following…

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