Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss.3, 9 & 17---Civil Procedure Code (V of 1908), Ss.151, 152 & 153---Decree for recovery of loan amount---Cost of funds, non-awarding of---Application by Bank for amendment of decree to include therein such cost sought in suit---Dismissal of such application by Banking Court---Validity--Awarding of cost in terms of S.17 read with S.3 of Financial Institutions (Recovery of Finances) Ordinance, 2001 was mandatory---Banking Court in its had not observed that Bank was not entitled to such cost from date of default till realization of decretal amount---Bank was entitled to such cost---High Court accepted appeal in Circumstances. Habib Bank Ltd. v. Iftikhar Ahmed and 7 others 1993 CLC 535 ref. Syed Saadi Jafri Zainabi v. Land Acquisition Collector and Assistant Commissioner PLD 1992 SC 472 and Messrs Habib Bank Limited v. Sajjad Haider and another Ist Appeal No.24 of 2007 of this Court rel. ORDER These two appeals under section 22 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (hereinafter referred to as "the Ordinance of 2001") instituted by Messrs Habib Bank Limited, involving a common question of law, are being disposed of through this common order. 2. Relevant facts leading to this litigation are that, in 1st Appeal No.49 of 2008, suit for recovery of Rs.1,70,452 instituted by the appellant bank against the two respondents was decreed vide judgment dated 23-11-2005, followed by preparation of decree dated 30-11-2005. In view of the non-awarding of cost of funds through this judgment, considering it, a clerical mistake/error/omission on behalf of Court, an application under sections 151,152 and 153 C.P.C. was submitted by the appellant bank before the Banking Court on 16-2-2006, wherein relief of awarding cost of funds was sought from the date of commission of default by the respondent by way of addition of some words in the said judgment. As it appears from the impugned order dated 15-4-2008, after hearing the arguments of the parties, the said application was dismissed by the Banking Court vide its order dated 15-4-2008 with the observation that under…

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