Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss.9, 10, 15 & 22---Specific Relief Act (I of 1877), Ss.42 & 54--Suit for declaration and permanent injunction---Application for leave to defend suit---Rejection of application---Appeal---Application filed by defendant Bank for leave to defend suit was dismissed and suit filed by plaintiff was decreed against defendant Bank by the Banking Court taking the view that plaintiff was liable to pay amount of Rs.75,26,635 as full and final liquidation of the liabilities and defendant Bank was entitled to draw the same amount---Defendant Bank had filed appeal against of Banking Court contending that Banking Court had proceeded arbitrarily in rejecting application for leave to defend the suit as per record, liability of plaintiff was Rs.1,17,41,508.95 till 16-1-2003 and that any dispute about. correctness thereof could be determined only by granting leave to defend suit and after due trial of the suit ---Validity--Availing of financial liability had not 'been denied by the plaintiff---Whole issue was about the correct determination of quantity of liability and amount due---Defendant Bank had come up with the plea through his application for leave to defend the suit that liability of plaintiff was to the extent of Rs.1,17,41,508.95, but as per version of plaintiff said amount was Rs. 75,26,634.48 and said amount was in fact outstanding against plaintiff---Approach adopted by Banking Court was untenable, factually and legally as assertion made by defendant Bank and grounds for leave to defend urged in the application, warranted due consideration and such a summary disposal of the suit was not called for when there was a serious dispute and controversy involved was about the amount due from plaintiff---Judgment of Banking Court was not maintainable to the extent of dismissal of application for leave to defend the suit---Said application would be deemed to be pending, which would be heard and decided by Banking Court in accordance with law. JUDGMENT SYED ZAH1D HUSSAIN, J.---A suit for declaration and permanent injunction was filed by the respondent to the effect that the appellant Bank was…

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