Law:

Section:

Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997) S. 15 State Bank of Pakistan Circular No. 32, dated 26 2 1995 Decree Mark up for cushion period of 210 days ¬Public functionaries, acts of Grievance of bank was that Banking Court in its decree passed in favour of the bank did not grant mark up for cushion period of 210 days Validity Bank was entitled to the mark up from the date of institution of the suit to payment Bank did not file the suit immediately after the cut off date as mentioned in finance agreement, therefore bank was responsible not to agitate the matter before the Banking Court well in time No body should be allowed to get the benefits of his misdeeds and no body could be penalized by the inaction of public functionaries Judgment and decree passed by Banking Court was in consonance with S.15 of Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997, and there was no infirmity or illegality in the same-appeal was dismissed in circumstances. Rahim Bux and others v. The State PLD 1998 Kar. 119 and Ahmad Latif Qureshi v. Controller of Examination, Board Intermediate and Secondary Education, Lahore and another PLD 1994 Lah. 3 ref. JUDGMENT CH. IJAZ AHMAD, J. Brief facts out of which the present appeal arises are that respondent No.2 secured a loan amounting to Rs.7.2 million in the year 1995 and agreement was also executed between respondent No.2 and the appellant-bank. The appellant Bank has sanctioned the loan in favour of respondent No.2 after completing the legal formalities and after securing guarantees from respondents Nos.3 and 4. Respondent No.2 failed to repay the loan in terms of the agreement to the appellant. The appellant Bank being aggrieved filed a suit for he recovery of Rs.7,312,580 before the Banking Court, Lahore. The Banking Court issued show cause notices to the respondents, thereafter decreed the suit vide judgment and decree dated 2 6 1998. The learned Banking Court had not allowed the mark up for the cushion period of 210 days to the appellant. According to the appellant, the appellant was entitled to the mark up for the said period in terms of the agreement. 2.…

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