Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001) S.7(4) Penal Code (XLV of 1860), Ss.379/406/420 ¬Constitution of Pakistan (1973), Art.199 Constitutional petition Quashing of F.I.R. F.I.R. registered with police on written application of one of the officers of the Bank was sought to be quashed on the ground that case could not be registered against petitioner as according to S.7(4) of Financial Institutions (Recovery of Finances) Ordinance, 2001, cognizance of offence under the said Ordinance could only be taken by a Banking Court and that too on the complaint in writing of person authorized by the bank in that behalf Validity Registration of case with the police on written application of Bank's Officer, was not in accordance with law on the subject because cognizance of offence in case could only be taken by Banking Court and that too on the complaint in writing by a person authorized by the Financial Institution/Bank Continuance of F.I.R. in the case would amount to nothing, but mere abuse of process of law F.I.R., was quashed, in circumstances. ORDER Further arguments heard. 2. Petitioners Mian Asim Farid and Ghulam Murtaza Bajwa through the instant petition have sought for quashing of F.I.R. No.770 dated 6 12 2003 under sections 379/406/420, P.P.C. registered with P.S. Saddar Kasur. 3. Briefly, the facts relevant for the disposal of the instant petition are that the said case has been registered on the written application of respondent No.4 Sultan Haider. He in the same has mentioned that respondent No.1/Industrial Development Bank of Pakistan had been set up in the year, 1961. The object of the same was to provide loan facility for establishment of industry in the country. M/s. Ali Abbas (Pvt.) Ltd. on 12 9 1992, had obtained a loan of Rs.25,00,000 (Rupees twenty five lacs) from the Bank. The firm executed documents in favour of the Bank in respect of the loan. According to the agreement of loan, the assets of the firm were pledged with the Bank. The firm was not authorized to sell or transfer the assets and violation of such term of the agreement is liable to penal action. The firm has shifted somewhere the machinery of the factory…

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