Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss. 9, 10 & 22---Suit for recovery of loan by Bank---Leave to ,appear and defend suit---Appeal---Application for leave to defend suit filed by appellant was dismissed and suit filed by Bank was decreed---Appellants had alleged that accounts had not been verified as mandated by law; that statement of accounts was also not in consonance with the disbursements made to the appellants and that defence set up by appellants in application for the grant of leave, had not been dealt with properly, especially qua the effect that a fire broke out in the factory of the appellants which destroyed the hypothecated stocks for which Insurance Company was bound to make payment---Insurance Policy had reflected that the right of the Bank to recover claim was unimpaired---Stance for appellants that recovery had to be made from the Insurance Company, was without substance, in circumstances---Statement of account was in consonance with the claim made by Bank---Preponderance of documents attached with the plaint had clearly reflected that appellants had availed the facility in question---Trial Court appraised the documents appended with the plaint and impugned of Banking Court had dealt with all objections raised by appellants in their appeal--Assertion of appellant that impugned in appeal was not in consonance with requirement of law, was untenable and without substance---Appeal against impugned order was dismissed. JUDGMENT SYED ASGHAR HAIDER, J.---This appeal is directed against the judgment and decree dated 18-3-2004, passed by the Banking Court, Lahore. 2. Respondent No.1 filed a suit for recovery of Rs.40,41,635.38 along with mark-up etc., the appellants and respondent No.2 filed applications for leave to defend the suit, the leave application of defendants Nos. 1 and 2/appellants was dismissed, however, the leave application of respondent No.2 was allowed, thereafter the suit decreed, to, the extent of appellants. The appellants are aggrieved of the aforesaid judgment and decree, hence the present appeal. 3. Learned counsel for the appellants contended that the suit has been decreed in haste,…

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