Law:

Section:

(a) Banking Tribunals Ordinance, 1984 (LVlII of 1984) S.5 Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001), S.7 Amount asserted by the respondents as having been paid was not denied by the Bank Conceding to the said assertion and not controverting the same, would be deemed to be admission by the Bank Held, in the absence of any application filed by the Bank before the Banking Court to agitate the matter or any plea taken by Bank during the course of arguments, the claim of the Bank that the suit amount had not been properly adjusted was not admissible. (b) Banking Tribunals Ordinance, 1984 (LVIII of 1984) S.5 Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001), S.7 Liquidated damages, award of Bank was not entitled to recover the amount of liquidated damages. Allied Bank of Pakistan Ltd. Faisalabad v. Messrs Aisha Garments and others 2001 MLD 1955 ref. (c) Banking Tribunals Ordinance, 1984 (LVIII of 1984) S.5 Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001), S.7 Future mark up, award of Held, it was a settled law as well as the basic concept of Islamic mode of financing, that the Bank was not entitled to claim future mark¬up Banking Tribunals Ordinance, 1984 did not empower the Banking Tribunal to award future mark up. JUDGMENT MIAN HAMID FAROOQ, J. Agricultural Development Bank of Pakistan, through the filing of the instant appeal, under section 9 of the Banking Tribunals Ordinance, 1984, has called in question judgment and decree dated 17 5 1995, whereby, the then Banking Tribunal has held that "the suit of the plaintiff Bank stands fully adjusted under the Prime Minister Incentive Scheme with no order as to costs." 2. Briefly stated, the facts leading to the filing of the present appeal are that the appellant filed a suit for recovery of Rs.175,067, including all charges, costs, expenses etc and the liquidated damages, against the respondents 'before the then Banking Tribunal asserting therein that the predecessor in interest of the respondents availed two financial facilities, and executed certain documents but the respondents failed to adjust the loan liabilities, thus, necessitated the filing…

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