Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss.7 & 15---Specific Relief Act (I of 1877), Ss. 39, 42 & 54 Suit for declaration, injunction and cancellation---Powers and jurisdiction of Banking Court---Plaintiffs in their suit had impugned the action of selling the property of the plaintiff by the Banking Court in exercise of powers under S.15 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 and all incidental and consequential relief including damages---Office had raised objections that the relationship between the plaintiffs and defendants being that of customer and borrower, suit was barred under Financial Institutions (Recovery of Finances) Ordinance, 2001---Validity---Section 7(a) of Financial Institutions (Recovery of Finances) Ordinance, 2001 had given ample powers to the Banking Court and said court possessed all the jurisdiction as vested in civil court under Civil Procedure Code, 1908 and in terms of subsection (4) of S.7 of said Ordinance, no court other than the Banking Court had jurisdiction in respect of the matter covered under the said Ordinance---Relief sought and the claim contained in the suit emanated from the relationship between the borrower and customers and clearly fell within the jurisdiction of the Banking Court---Office objection regarding jurisdiction was sustained in circumstances-Since law favoured adjudication on merits rather than striking off the parties on technicalities, suit was ordered to be transferred to court of Banking jurisdiction. ORDER MUSHIR ALAM, J.---Plaintiffs have filed instant suit impugning the action of defendant No.1. All the plaintiffs essentially claimed the reliefs against the bankers. The plaintiffs have impugned the action of selling the property of the plaintiffs in exercise of powers under section 15 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 and all incidental and consequential reliefs thereto including damages. Office has raised objection that the relationship between the plaintiffs and defendants Nos. 1 to 3 and 5 is as customer and borrower, therefore, the suit is barred under the Ordinance, 2001. Mr. Sami Ahsan,…

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