Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001) -- Ss.2(a)(c) & 13 Civil Procedure Code (V of 1908), O. VII, Rr.10 & 11 Suit for recovery of amount as insurance claim alongwith damages and compensation against a Banking Company which had financed the plaintiffs Contention of the plaintiffs(customer) was that land, building and other assets of the plaintiffs there required to be insured under the finance agreement and on Bank's recommendation the plaintiffs obtained insurance from the recommended Insurance Companies which had failed to settle the claims of the plaintiffs in case of fire in their factory and plaintiffs had suffered loss due to non settlement of their insurance claim by the Insurance Companies Plaint of the suit had been structured to implead the Bank as defendant alongwith Insurance Companies Only bridge between the Bank and Insurance' Companies was the purported "recommendation" by the Bank to the plaintiffs to obtain insurance from the said Insurance Companies Insurance Policy was admittedly obtained by the plaintiffs themselves and the premium thereunder was also paid by them ¬Plaintiffs had not shown as to how mere recommendations by the Bank placed the burden of acts and omissions of Insurance Companies upon the Bank Plaintiffs had also failed to plead in the plaint that the recommendation of the Bank could bring into existence any contractual relationship between the Bank and Insurance Companies to make the Bank liable to pay the Insurance Companies upon their failure to settle the insurance claim of the plaintiffs No privities of interest or contract had been proved against the Bank to bring the Bank in the position of Insurance Company or to make the Bank liable to pay damages/ compensation to plaintiffs against the Insurance Companies Insurance Companies were not insurers of the plaintiffs obligations under the finance agreement towards the Bank .Said Companies had extended insurance against losses through fire or otherwise of building, machinery etc. under the contract of insurance between the plaintiffs and the companies Plaintiffs had not been able to show that financial obligations under the finance…

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