Law: Financial Institutions (Recovery of Finances) Ordinance, 2001

Section: 9(5) & 12

Law: Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997

Section: 9(3)

Financial Institutions (Recovery of Finances) Ordinance, (XLVI of 2001)--- ----S.9(5) & 12---Ex parte decree, setting aside of---Service of process---Defendant/borrower in his application for setting aside decree averred that when suit for recovery of amount was filed, he was not residing at the address on which process was issued---Defendant alleged that creditor Bank was well aware of his new address and suing at former address was a deliberate attempt to procure ex parte decree---Defendant's application for setting aside decree was dismissed for limitation---Validity---Record proved that all modes of service given in section 9(3) of Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997 (then applicable) were resorted to and service upon defendant was effected on the address which he had himself provided to creditor Bank and was found mentioned in loan documents---Defendant was served on his last known address and nothing was on record to show that creditor Bank was ever informed about change in his address---In view of rule that "debtor must seek the creditor" defendant was under obligation to intimate the Bank about change in his address but such obligation was not discharged---Omission on the part of defendant was fatal and hp was to suffer for such omission---Application for condonation of delay was lacking necessary information about the-date of knowledge of decree, hence rightly dismissed.ORIDER Appellant's request for a finance facility under the Prime Minister's Public Transport Scheme, was accepted by the respondent and resultantly a sanction letter was issued. Appellant on deposit of 10% of amount of equity, was disbursed on 2-2-1993 a financial assistance, for purchase of 10 (ten) units of Toyota Coasters (Deluxe)/26 seater vehicle. 2. On failure of the appellant to perform his legal and contractual obligation, the respondent-Bank filed a suit for recovery of Rs. 1,14,48,225 with mark-upon the Banking Court No.IV, Lahore on 1-10-1998. The suit of the respondent was decreed by the learned. Banking Court vide judgment and decree dated 12-11-1998. Appellant moved an application before the Banking Court, under…