Law:

Section:

Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997) S.18(6) Financial Institutions (Recovery of Finances) Ordinance, (XLVI of 2001), S.19(7) Decree for recovery of loan under car finance scheme Car forcibly taken into possession by the Bank Application by appellant for return of the car ¬Banking Court consigned the application of the appellant to record on the ground that the car in dispute was sold and Bank¬ had adjusted the sale price to its claim Validity Held, impugned order was not a speaking order, application by the appellant could not be consigned to record merely on the ground that the car in dispute had been sold and the sale amount adjusted Banking Court was bound to decide the application of the appellant in accordance with law Impugned order was set aside by the High Court. JUDGMENT MUHAMMAD SAYEED AKHTAR, J. The plaintiff/ respondent Bank, filed a suit for recovery of Rs.1,61,830.00 against the husband of the petitioner namely Khalid Mehmood. The said suit was decreed by the Banking Court No.2, Lahore, on 21 10 1999, for a sum of Rs.90,248.00. The, loan was obtained under a Car Finance Scheme for Honda Civic Car Model 1994, 1500 cc bearing Chassis No.PK4 5201085, Engine No.D15 1332216 5 98. The judgment debtor/husband of the appellant died on 13 9 2000. The said car was forcibly taken into possession on 27 10 2000 by the staff of the respondent Bank, from the appellant. The appellant moved an application under section 18(6) of the Banking Companies (Recoveries of Loans, Advances, Credits and Finances) Act, 1997, for the return of the car. The learned Judge, Banking Court called for the reply of the respondent and after receiving the…

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