Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001) --Ss.10, 17 & 22 Decree for recovery of loan amount ¬Plea of appellant (Chief Executive of borrower company) was that he was not in Pakistan at the relevant time, thus, question of his having executed or affixed signatures on documents attributed to him by Bank did not arise and that Banking Court had passed decree on basis of such documents without finally determining their liability Both parties agreed that amounts outstanding against appellants could not be determined without in depth examination of record High Court with consent of parties set aside impugned /decree and granted leave to appellants only to the extent of determining as to how much amount was due against them with clear understanding that they would not raise such plea before Banking Court, which would decide suit within specified time after recording evidence of parties and in accordance with law. ORDER Principal contention raised by the learned counsel for the appellants, while relying upon entries in the passport of Nusrat Mehdi Chaudhry, appellant No.2, is that on the date of alleged execution, i.e. 15 1 1998, of certain documents, attributed to the appellants and said to have been executed on 15 1 1998 by the appellant No.2 on behalf of appellant No.1, the Chief Executive of the Company namely Nusrat Mehdi Chaudhry, appellant No.2, was not present in Pakistan, therefore, his execution or affixing his signatures on the said documents are out of question, as such, those documents cannot be 'made basis of the claim of the respondent Bank. However, when questioned about the quantum of outstanding amount against the appellants, the reply of the learned counsel is that although appellants owe certain amounts to the respondent Bank, yet that is subject to the final determination and the learned Banking Court, without undertaking the said exercise, has passed the impugned order only on the basis of the documents, purportedly, executed by appellant No.2 on 15 1 1998. Conversely, the learned counsel for the respondent Bank, while relying upon resolution dated 12 12 1997, passed in the presence of Muhammad Sharif…

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