Law:

Section:

(a) Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997) Ss. 10 & 17 Civil Procedure Code (V of 1908), O.XXIX, R.1 Suit for recovery of loan amount Pleas raised by defendant in leave application were that he had signed blank documents; that Bank had charged excessive mark¬up; that Bank had not .filed suit through authorized person; and that he would make application to Bank for settlement of loan Banking Court decreed the suit with costs and mark up after rejecting leave application Validity Neither execution of documents nor availing of financial facility had been denied by the defendant Defendants had executed loan documents on 7 4 1993 i.e. before coming into force of Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997 Such documents would be valid and legal as perforce of S.17(3) of the Act even if certain columns thereof were left blank at relevant time Bank had placed on record photo copy of power of attorney authorizing its attorney to institute suit, which, prima facie, established that attorney, who had signed plaint and instituted suit, had lawful authority to undertake such acts Defendant had not rebutted such authority Impugned did not suffer from any legal errors/defects High Court dismissed appeal. (b) Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997) S. 10 Civil Procedure Code (V of 1908), O.XXIX, R. 1 ¬Suit for recovery of loan amount Availing of financial facility and execution, of documents admitted by defendant Plea of defendant was that Bank had not filed suit through authorized person Validity Bank could not be non suited on the said ground in view of such admission. JUDGMENT MIAN HAMID FAROOQ, J. Appellants, through the filing of the instant first appeal, under section 21 of the Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act No.XV, 1997 (hereinafter referred to as Act) have called in question judgment and decree dated 22 1 1998, whereby the learned Judge Banking Court, after rejecting appellant's application for leave to defend the suit, proceeded to pass the decree for the recovery of Rs.4,88,095 with costs and…

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