Law:

Section:

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss. 9 & 10---Rescheduling and restructuring of previous finance---In the cases pertaining to restructuring, the amount is not disbursed, rather is brought forward envisaging as liability of the customer, and therefore, to contend that as no physical disbursement of the amount was made, resultantly, the claim of the Bank was false or unfounded was misconceived and without merit---No fraud or misrepresentation could be attributed to the Bank, if defendants, while rescheduling the previous loan, were asked to execute all the relevant documents in that regard including the guarantees and the finance agreement---Plaint fulfilled the requirements of S.9, Financial Institutions (Recovery of Finances) Ordinance, 2001---Relevant backdrop of the finance arrangement between plaintiff/Bank and defendant/borrower had been appropriately given in the plaint duly supported by requisite documents---Bald and baseless allegations of fraud could not be termed as the substantial question of facts, in the light of admittedly executed documents on account of which the leave could be solicited or granted-Suit was decreed in favour of Bank in circumstances. Bankers Equity Limited through Principal Law Officer and 5 others v. Messrs Bentonite Pakistan Limited and 7 others 2003 CLD 931; Messrs C.M. Textile Mills (Pvt.) Limited through Chairman and 5 others v. Investment Corporation of Pakistan 2004 CLD 587 and Habib-ur-Rehman and another v. Judge Banking Court No.4, Lahore and another 2006 CLD 217 ref. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 9 &10---Restructuring/rescheduling of previous finance---Bank was not obliged to have brought on record the statements of accounts prior to the agreement through which the restructuring had been made as this was an admitted amount duly acknowledged by the borrower---No disbursement of the amount involved in the matter was required, case being that of restructuring and not in the nature of a fresh finance in which the disbursement may become relevant---No vice, illegality or error had been pointed out in the statements…

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