Law:

Section:

Banking Companies (Recovery of Loans, Advances, Credits and nuances) Act (XV of 1997) S. 9 State Bank of Pakistan Circular No. 19, dated 5 6 1997 ¬Recovery of bank loan Incentive scheme Wrong calculation by bank During pendency of suit filed by bank, the defendants deposited the amount under 'Incentive Scheme' issued by State Bank of Pakistan vide its Circular No. 19, dated 5 6 1997 After the amount had been deposited by the defendants, the bank raised additional claim on the ground that at the time of settlement of loan under the scheme, less liability was calculated inadvertently Validity Defendants were invited by the Bank to avail of the benefit of incentive scheme Defendants in response to the scheme, made a settlement with the Bank As a consequence of the settlement the defendants had deposited the amount in terms thereof and after performance of their part of settlement, the Bank could not claim any further amount from them due to its own mistake Banking Court had committed no illegality while passing the and decree and High Court declined to interfere in the same Appeal was dismissed in circumstances. JUDGMENT MUHAMMAD AKHTAR SHABBIR, J. This R.F.A. arises out of the judgment and decree dated 15 11 1997 passed by the learned Judge, Banking Court Lahore, decreeing the suit of the plaintiff appellant (herein) to the tune of Rs.20,67,491. 2. Facts giving rise to the present appeal are to the effect that the appellant Bank had instituted a suit for the recovery of Rs.51,65,364 but in view of the incentive scheme issued by the State Bank of Pakistan the matter was settled between plaintiff and respondents. The respondent was invited by the Bank appellant to settle the matter with regard to the defaulted amount through a letter dated 7 6 1997, availing of the benefit of incentive scheme and as a result whereof, the judgment debtor/respondents deposited 10% down payment by 5 9 1997 to the tune of Rs. Two lacs and given an undertaking to make the payment of remaining amount by 5 12 1997. This amount, too, had been deposited by the respondents with the Bank. 3. Learned counsel for the appellant has only objected that the amount was wrongly calculated which was…

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