Law:

Section:

Banking Companies (Recovery of Loans, Advances Credits and Finances) Act (XV of 1997)--------Ss. 7, 9 & 21---Suit for recovery of loan---Leave to appear defend suit---Defendants filed application for leave to appear and defend suit within prescribed period, but said and dismissed by Banking Court, despite serious factual and legal objections were raised by defendants in their application---Provisions of S.10 of Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997, provided that leave to appear and defend suit should have been granted to defendant, if serious and bona fide dispute had been raised which included both legal and factual points of controversy--Objections about valid institution of suit and also the absence of the statement of account, raised in the case were vital, on the bases of which, the Court should have granted leave to the defendants---If the Court was not inclined to take action against plaintiff Bank for non f fling of statement of account, then at least, defendants should have been asked to file the amended leave application, so as to raise necessary plea about the account statement after it was submitted incomplete---Court while refusing leave, had not considered the contents of the plaint about the disbursement and the repayment chart given therein---Impugned and decree were set aside defendants were permitted to file amended leave application, only to the extent of challenging figures therein and not permitting them in any manner to raise any new plea, within a period of two months---Banking Court would decide leave application within two months. Messrs Ittefaq Industries (Regd.) through Managing Partner and 2 others v. Bank of Punjab through duly constituted Attorney 2004 CLD 1356 and Bankers Equity Limited through Principal Law Officer and 5 others v. Messrs Bentonite Pakistan Limited and 7 others 2003 CLD 931 ref. JUDGMENT MIAN SAQIB NISAR, J.---On 25-1-2000, the respondent-Bank brought a suit for the recovery of air amount of Rs.5,367,755.75 against the appellants under the provisions of the Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997; the appellants applied for…

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