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

Section: 9

(a) Banking Companies (Recovery of Loans, Advances, Credits, and Finances) Act (XV of 1997)---Ss. 9(4) & 2(a)(i)---Punjab Small Industries Corporation Act (XV of 1973), Ss. 3 & 18---Banking Company--­Definition---Plain reading of Ss. 3 & 18 of the Punjab Small Industries Corporation Act, 1973, and Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997, S. 2(a)(i) in para materia makes it clear that "Small Industries Corporation" falls in the definition of "Banking Company". Ghulam Sarwar v. S.H.O. 1999 Law Notes 560 rel. (b) Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997)----- ----S. 9---Plaintiffs had filed suit for damages against the defendant Banking Corporation alleging that on account of failure on the part of defendant to advance loan of Rs.10 lacs plaintiffs had suffered a loss of Rs.50 lacs---Banking Court dismissed application for leave to defend and passed ex parte decree---Application for setting aside ex parte decree was dismissed---Validity---Trial Court had granted decree amounting to Rs. 50, 00, 000 to the plaintiffs without recording evidence in support of the contents of the plaint--­Such act would perpetuate injustice as defendants got a decree against the plaintiffs for the huge sum, without proving quantum of damages allegedly suffered by them--­Ex parte decree was set aside and leave granting order was recalled in circumstances. Messrs Qureshi Salt and Species Industries Khushab v. M.C.B. 1999 SCMR 2353 and Haji Ali Khan & Company, Abbotabad and 8 others v. Messrs Allied Bank of Pakistan Limited, Abbotabad PLD 1995 SC 362 quoted. Mst. Zubaida A. Sattar and others v. Karachi Building Control Authority and others 1999 SCMR 243 and Muhammad Baran and others v. Member (Settlement and Rehabilitation), Board of Revenue, Punjab and others PLD 1991 SC 691 rel. (c) Administration of justice--- ---- Judge must wear all the laws of the country on the sleeve of his robe and failure of the counsel to properly advise judge was not a complete excuse in the matter --- Law includes judicial principles laid down from time to time by the superior Courts. BISC v. Salma Afroze PLD…

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