Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (LXVI of 2001)-------S.3---Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997), S.9---Recovery of bank loan--- Charging of mark-up not agreed in finance agreement---Awarding of cost of funds---Retrospective effect---Banking Court decreed the suit in favour of bank but disallowed the mark-up and costs of fund to the bank---Validity---Provision of costs of fund in Financial Institutions (Recovery of Finances) Ordinance, 2001, would not have retrospective effect to the suits which were instituted before the repealed law---Bank had failed to show if the mark-up was chargeable under arty agreement or agreement between the parties---If there was no agreement for the charge of mark-up, the bank was not entitled to claim the same---Banking Court had rightly refused the claim of mark-up to the bank and no illegality was committed in the passed by Banking Court---Appeal was dismissed in circumstances. JUDGMENT MIAN SAQIB NISAR, J.---The appellant-Bank, brought a suit for recovery of an amount of Rs.60,942,067,15 against the respondents on 22-1-1999, which has been decreed by the learned Banking Court only to the extent of Rs.51.541 Million. However, the mark-up of certain period and the costs of fund, have not been allowed to the appellant. It is this part of the judgment and decree, disallowing the mark-up and costs of fund, which have been challenged by the appellants through the present appeal. 2. When confronted, learned counsel for the appellant concedes, that awarding of costs of fund has been provided in section 3 of the Financial Institutions (Recovery of Finances)…

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