Law:

Section:

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss. 9 & 18---Suit for recovery of loan---Mortgage of property---Insurance charges---Mortgage deed clearly stated that in case of failure of mortgagor to pay any premium of the insurance, the Bank may pay the same on behalf of mortgagor and recover the same from defendants---Execution of mortgaged deed having not been denied, Bank, on the strength of said clause of deed, could recover the insurance charges from the defendants---Requirement-Bank, however, in addition to the amount of insurance charges, had also debited the, salary of the staff, inspection charges and other miscellaneous expenses in the account of the borrower---Record showed that although the amount of all those charges was debited in the account of borrowers, yet the Bank did not file any supporting documents in order to show that such and such amount was paid by the Bank, to the insurance company as premium, on behalf of the mortgagors and, that such and such amount was paid as salary---No document on record even prima facie showed that the said amount was, in fact, paid to the insurance company/concerned persons---Held, Bank should have filed the vouchers, receipts or some other documents manifesting that the said amount was, in fact, paid to the insurance company---In the absence of any supporting documents, the Bank was not entitled to recover the said amount merely on the ground that the same found mention in the statement of accounts, which was not authenticated by documents/receipts---Banking Court, therefore, had rightly declined to allow the amount to the Bank. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 9 & 18---Bankers' Books Evidence Act (XVIII of 1891), Ss.2(8) & 4---Suit for recovery of loan by Bank---Statement of account submitted by Bank --"Certification" of such statement---Requirements---If the 'certificate' on the 'statement of accounts' by Bank was not in accordance with the provision of S.2(8), Bankers' Books Evidence Act, 1891 the same was not 'certified copy' as contemplated by law and such copy of, statement could not be considered as…

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