Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001) Ss. 2(a)(c) & (d) & 15 "Financial institution" ¬"Customer" Defendant, a public limited company had provided Shipment Export Finance Guarantees (which was its business) to the plaintiff which the plaintiff failed to pay back Defendant had stood guarantee for the plaintiff as against mortgage of his property made by the plaintiff through deposit of title deeds Plaintiff had not alleged that defendant company was not authorized to carry on such business Contention of the plaintiff was that it was not a "customer" and the Export Finance Guarantee Agency was not financial institution" as defined in the Financial Institutions (Recovery of Finances) Ordinance, 2001 ¬Validity Held, under S.2(a)(iii), Financial Institutions (Recovery of Finances Ordinance, 2001, Financial institution" included any company authorized by law to carry on any similar business as the Federal Government might, by notification in the official Gazette, specify ¬Provision of S.2(d)(iii) of the said Ordinance related to facility of guarantees, indemnities, letters of credit or any other financial engagement which a financial institution might give, issue or undertake on behalf of the customer with corresponding obligation by the customer to the financial institution Defendant company, in circumstances, was a financial institution" and the plaintiff was "customer" within the meaning of Financial Institutions (Recovery of Finances) Ordinance, 2001. ORDER In this suit for declaration and permanent injunction, plaintiffs who is a trader and sole proprietor of a firm Messrs Aniline Traders dealing in the business of export of leather, leather manufacturing and leather garments manufacturing; admittedly after having availed/ obtained Pre Shipment Export Guarantees granted to him by the defendant which is a public limited company and deals in such business; and having failed to payback, has prayed for the following reliefs: "(i) To declare that the plaintiffs is not a Customer as defined under the Financial Institutions (Recovery of Finances) Ordinance, 2001; (ii) To declare that the defendant, the Pakistan Export Finance…

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