Law:

Section:

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------S.22---Appeal---Factual controversy---Investigation by High Court---Jurisdiction-- Suit for recovery of bank loan was filed against the borrowers---Borrowers had accepted the sanction of loan facility by the bank but it was alleged that the bank had failed to open letters of credit in terms of sanction letter--Borrowers placed on record certain pay-in-slips showing that for each letter of credit, the amount covered therein was deposited before the letters of credit could be opened-- Application for leave to appeal was dismissed by Banking Court and the suit was decreed in favour of the bank---Plea raised by the bank was that it could be proved from record that the payments were not made rather the amounts on the letters of credit were paid by the bank to the beneficiary---Validity---Duty of Banking Court was to look into the defence set up by the borrowers and to give its opinion, if the defence did disclose serious and bona fide dispute or not--Banking Court did, not advert to the real controversy while refusing leave to the borrowers---Judgment passed by the Banking Court was non-speaking and the same could not be sustained--High Court declined to undertake such task in appellate jurisdiction-Judgment and decree passed by the Banking Court was set aside and case was remanded to Banking Court for re-deciding the application for leave to defend Appeal was allowed accordingly. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S.22---Appellate jurisdiction of High, Court---Partial setting aside of and decree-Two different appeals were filed by different defendants against same and decree---One appeal was allowed. by High Court and the case was remanded to Banking Court---Bank, in the present appeal, had raised objection regarding its being barred by limitation--Validity---As and decree had been set aside by High Court in other appeal, the same and decree could not be sustained against the present appellants who were co-defendants and 3uarantors in the same suit--Appeal was allowed accordingly. JUDGMENT MIAN SAQIB NISAR, J.---This judgment, will dispose…

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