Law:

Section:

Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997)----S.9-Bankers' Books Evidence Act (XVIII of 1891), S.4---Suit for recovery of loan amount---Leave application raising objections qua statement of accounts i.e. neither showing disbursement of amount nor executed and verified in according with Banker's Books Evidence Act, 1891, rather containing incorrect and bogus entries---Banking Court decreed suit without rendering any finding on statement of accounts---Validity--Defendant had not admitted claim of Bank---Statement of account being sketchy, brief, devoid of details, contrary to law and not indicating disbursement of amount---High Court accepted appeal and set aside impugned /decree with direction to Bank to file complete and detailed statement of accounts regarding account of defendant before Banking Court, who would decide suit in accordance with law. Bankers Equity Limited through Principal Law Officer and 5 others v. Messrs Bentonite Pakistan Limited and 7 others 2003 CLD 931 and Messrs C.M. Textile Mills (Pvt.) Limited through Chairman and 5 others v. Investment Corporation of Pakistan 2004 CLD 587 rel. JUDGMENT MIAN HAMID FAROOQ, J.---Appellants, through the filing of instant first appeal, have called in question judgment and decree dated 30-6-2000, whereby the learned Judge Banking Court passed a decree to the tune of Rs.9,024,416 along with future mark-up, against the appellants and Haroon Arifeen. 2. Precisely stated facts of the case are that the respondent-Corporation, on 13-10-1999, filed the suit for recovery of Rs.9,042,416 against the appellants and one Haroon Arifeen (the defendants), before the learned Judge Banking Court, inter alia, pleading that two financial facilities were granted and re-scheduled in favour of appellant No.1; the re-scheduled amounts were for the purchase of machinery, the defendants availed the said financial facilities and failure by the defendants to clear the outstanding liabilities necessitated the filing of the suit against them. Appellants Nos.1 and 2 filed the application under sections 9 and 10 of Act XV of 1997 (at page 55 of the Banking Court's record) seeking unconditional…

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