Law:

Section:

Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997)-------S.10---Constitution of Pakistan (1973), Art. 185 (3)---Recovery of loan---Leave to defend the suit, denial of---Defendants obtained financial facility under Locally Manufactured Machinery (LMM) Scheme and executed required documents---On the specific request of defendants, showing full satisfaction about quantum and quality of machinery supplied to it, bank disbursed amount to manufacturer---In suit filed by financial institution, Banking Court refused to grant leave to defend the suit and passed decree against defendants---Validity---Defendants could not be allowed to blow hot and cold in the same breath as on one hand they secured machinery and asked financial institution to make payment to supplier and when financial institution demanded outstanding liabilities, defendants opted to deny execution of documents---Defence set up in defendants' application for leave to defend the suit was evasive, improbable and no substantial questions of law or facts were raised therein which was rightly rejected by Banking Court---Supreme Court declined to reverse findings of two courts below which were based on facts of the case and law on the subject---Leave to appeal was refused. Muhammad Arshad v. Citibank N.A. 2005 CLD 1237; Al-Hadayat Textiles v. State Bank of Pakistan, 2004 CKD 435 and Muhammad Arshad v. Citibank N.A. 2006 CKD 1011 ref. JUDGMENT MIAN HAMID FAROOQ, J.---Messrs Al-Madan Coal Company (Pvt.) Ltd. and two others, the petitioners, seek leave to appeal against judgment and decree dated 31-5-2004, whereby the learned Division Bench of the Lahore High Court at Lahore dismissed their appeal RFA No.403 of 1999. 2. Facts of the case tabulated in the impugned judgment are reproduced below:-- "2. Briefly stated the facts of the case are that appellant No.1, applied for the financial assistance to the respondent/Bank, which was allowed under the sanction advise dated 18-1-1994 and through the financial agreement dated 7-7-1994, duly executed between the Bank and the borrower, the facility amounting to Rs.7.5 million under LMM scheme, was duly provided to the said appellant;…

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