Law:

Section:

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001) S.9(2) Bankers Books Evidence Act (XVIII of 1891), S.4 Suit for accounts and damages by borrower Non filing of statement of accounts along with plaint Effect Break¬up of statement of plaintiffs claim given in body of plaint quantifying mark up illegally charged by Bank Validity ¬Purpose of S.9(2) of Financial Institutions (Recovery of Finances) Ordinance, 2001 was to inform defendant either by way of incorporating statement of account in body of plaint or in a conventional manner by filing along with plaint Where plaintiff with sufficient details gave such break up in body of plaint, then such purpose of S.9(2) of Financial Institutions (Recovery of Finances) Ordinance, 2001 would be substantially served Statement of borrower/customer would not be authenticated in terms of Bankers Books Evidence Act, 1891 as in the case of financial institution. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001) Ss.9(2) & 10 Suit for accounts and damages by borrower Objections raised by Bank as to maintainability of suit on various counts Validity Banking Court might embark upon to hear merit of such objections only after leave to defend suit was obtained by Bank. Muhammad Yousaf v. ADBP 2002 CLD 1270; Baba Fareed Ghee Industries (Pvt.) Ltd. through Chief Executive and 3 others v. National Bank of Pakistan 2002 CLD 669 and Banker Equity Limited through Principal Law Officer and 5 others v. Messrs Bentonite Pakistan Ltd. and 7 others 2003 CLD 931 rel. ORDER This application (C.M.A. No.8669 of 2001) under section 10 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 has been filed by the defendant, H.B.L. In suit for accounts, injunction, declaration and damages for Rs.599.214 Million filed by plaintiff, BELA Automotives Limited against the said defendant, H.B.L. It is the case of plaintiff that certain finance facilities were extended by the defendants to plaintiff. Defendants have charged amount in violation of the Agreement BCD Circulars issued by the State Bank of Pakistan and the law regulating such recoveries. The defendants have charged mark up, mark up…

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