Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)------Ss. 9, 10 & 22---Suit against Bank--Application for redemption of mortgaged property---Appeal against of Banking Court---Appellant filed suit for declaration against Bank---Bank filed application for leave to defend suit which was granted and Bank filed written statement---Bank contended in the written statement that appellant was defaulter of Rs.2,61,447 up to 30-6-2000 and appellant who conceded liability to pay said amount, prayed to Banking Court that appellant be allowed two years period for repayment of said amount in the form of quarterly instalments---Banking Court allowed appellant to make payment of amount in question in quarterly instalments and appellant deposited said amount in instalments accordingly and moved application for redemption, of mortgaged property---Bank contested said application through written reply and contended that appellant was required to pay further amount of Rs.1,29,307 as outstanding plus Rs.15,198 against tubewell amount---Banking Court dismissed application of appellant for redemption of mortgaged property---Validity---Bank had categorically stated in its application for leave to defend suit that appellant was a defaulter to the tune of Rs.2,61,447 and said amount was paid by appellant in accordance with order of the Banking Court in instalments---Counsel for Bank had failed to show as to how appellant was liable to pay further amount as claimed by the Bank---Appellant who had complied with and decree of Banking Court and paid agreed amount in instalments, could not be held defaulter for amount as claimed by the Bank---Order of Banking Court dismissing application of appellant for redemption of mortgaged property, was set aside and case was remanded to Banking Court for passing order of redemption of mortgaged property, accordingly. JUDGMENT IQBAL HAMEED-UR-REHMAN, J.---Elahi Bakhsh, appellant, has filed this appeal tinder section 22 of Financial Institutions (Recovery of Finances) Ordinance, 2001 against Order dated 13-7-2005 passed by learned Judge Banking Court No.1, Multan, whereby the application of 'appellant for redemption of mortgage…

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