Law:

Section:

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001) Ss.9(5), 10(1), 12 & 22 Ex parte decree for recovery of loan amount Refusal of Banking Court to set aside such decree on the ground that appellants had obtained knowledge of pendency of suit through publication of summons in newspapers Validity Record showed that Banking Court as per requirement of S.9(5) of the Financial Institutions (Recovery of Finances) Ordinance, 2001, had issued summons through all the modes of service including publication of summons in leading English and Urdu dailies Neither acknowledgement due showing receipt of registered letters containing summons by appellants was found on record nor such letters had been received back by Court undelivered Courier Agency had sent back to Court envelope containing summons with report viz. "out of our service area" Appellants had not been served through bailiff of Court nor through registered post acknowledgment due nor by courier service Urdu newspaper was not having wide circulation, but appeared to be newspaper having local circulation and that too within the relevant District, whereas addresses of appellants were that of the other District ¬Publication of summons in newspaper had not been made in accordance with law Banking Court had not sufficiently and adequately complied with provisions of S.9(5) of the Ordinance High Court accepted appeal, set aside it impugned / decree while allowing 10 days' time to appellants for filing application for leave to defend the suit before Banking Court. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001) S.9(5) Service of summons through different prescribed modes simultaneously Object of such requirement Intention of Legislature in prescribing all the four modes and publication in newspaper with wide circulation was that defendant, wherever he might be living, must come to know through any of such modes about institution of suit Such was the reason why under S.9(5) of the Ordinance, Banking Court was required to ensure publication of summons in newspaper with wide circulation. (c) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001) Ss.12,…

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