Law:

Section:

Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997) Ss. 9 & 10 Recovery of bank Loan Fraud committed by bank manager, allegation of Loan was availed by the defendant for purchase of tractor Grievance of the defendant was that the manager had misappropriated the tractor Defendant approached High Court in Constitutional jurisdiction wherein High Court arrived at the conclusion that he had applied for purchase of tractor which was duty sold to him High Court, in exercise of Constitutional jurisdiction, also found that invoice was given to the defendant which was signed by him and according to the gate pass, the defendant himself took the tractor out of factory premises, thereafter the defendant sold the tractor to another person and the sale receipt was also signed by him ¬Defendant had raised the same contentions in his application for leave to defend the suit validity Constitutional petition was dismissed by High Court and no appeal was filed against that which had become final and conclusive Not open to the defendant to raise the same contention before the Banking Court in his leave petition as that matter stood finally and conclusively decided Banking Court had rightly rejected the application of the defendant for leave to defend the suit and the suit was rightly decreed against the defendant Appeal was dismissed in circumstances. JUDGMENT MUHAMMAD SAIR ALI, J. Agricultural Development Bank of Pakistan i.e. the respondent Bank, on 3 11 2001 filed a suit for recovery of Rs.502,351 against the appellant asserting non payment of finance of Rs.319,000 sanctioned to the petitioner for purchase of a tractor. And that finance and security documents including an agreement were executed by the appellant who also created mortgage over his agricultural land as security for the loan. And that certificate of creation of charge was also duly registered. Upon service of notice petition for leave to defend the suit in the form of written statement was filed by the appellant. This leave petition was dismissed by the learned Banking Court No.1, Gujranwala and judgment and decree for Rs.502,351 with cost and cost of funds was passed by the…

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