Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance, (XLVI of 2001)-------S. 10(3)(4)---Suit for recovery of bank loans---Application for leave to defend the suit---Defence established its case to the extent of part of claim---Effect---Bank filed suit for recovery of amount along with compensation and cost of funds against defendants---Defendants filed application for leave to defend the suit which was dismissed by Trial Court and suit filed by plaintiff was decreed--Defendants contended that Trial Court had incorrectly invoked subsections (3)(4) of S.10 of Financial Institutions (Recovery of Finances) Ordinance, 2001 as the same had been complied with and there were triable issues requiring the recording of evidence, therefore, leave ought to have been granted in the case-Validity-Record revealed that defendants had failed to make out a plausible defence with regard to certain unpaid overdue rental amount---Balance claim of plaint g pertained to late payment charges and cheque return charges---Unpaid overdue rental amount was prima facie a penalty---Balance claim of plaintiff pertaining to late payment charges and cheque return charges needed to be proved in evidence by plaintiff---Plaintiff, in the facts and circumstances of the case, was entitled to an interim decree as to unpaid overdue rental amount along with cost of funds and defendants were entitled to unconditional leave to defend the suit as, to balance claim of plaintiff---Appeal was accepted accordingly. ORDER C.M.-2 of 2006: Although C.M. 2 of 2006 for grant of interim relief is fixed for hearing, however, with the consent of both the parties we intend to decide the main appeal. 2. This appeal under section 22 of the Financial Institutions (Recovery of Finances) Ordinance, 2001, is directed against judgment and decree dated 14-2-2006. 3. Brief facts leading to the filing of this appeal are that the respondent filed a suit for recovery of Rs.779,050 along with compensation and cost of funds against the appellants. It was contended in the plaint that appellant No.1, a private limited company, had obtained a lease finance facility from the respondent, which was guaranteed by appellants Nos.2 and…

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