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

Section: 7

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)---Ss. 7 & 9---Jurisdiction---Where the Banking Court had the jurisdiction to adjudicate upon the matter, even a wrong passed on a question of law or fact would not render the same without jurisdiction. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-- ----Ss. 7 & 9---Limitafion Act (IX of 1908). Ss. 5 & 24---Void order---Limitation---Limitation would run against a void order from the date of knowledge and aggrieved party should approach the competent forum for setting aside the void order from the date of knowledge. M. Raz Khan v. Government of N.-W.F.P. and another PLD 1997 SC 39 7 fol. (c) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-- ---Ss. 22 & 24---Limitation Act (IX of 1908), Ss. 5 & 29--­Appeal---Limitation---Application under S.5, Limitation Act, 1908---Maintainability---Period of limitation for appeal having been prescribed under Financial Institutions (Recovery of Finances) Ordinance, 2001; in view of S.29, Limitation Act, 1908, provision of S.5 of the said Act would not apply and application under- S.5 of the Limitation Act was not maintainable. Bashir Ahmad and others v. Habib Bank Limited 1990 CLC 1105 ref. JUDGMENT AMANULLAH KHAN, J.---This appeal under section 22 of the Financial Institutions (Recovery of Finance) Ordinance, is directed against the judgment dated 30-12-2003, passed by learned Special Judge, Banking Court, Balochistan, whereby the suit filed by the respondents 11 to 3 was decreed against the appellants. The background of the case is that, initially respondents 1 to 3 filed a suit for recovery of Rs.20,29,269.52 in the Court of Senior Civil Judge, Quetta, with the averments that, respondents 2 and 3 purchased two Special Growth Certificates of Deposits (in short `SGCD') each valuing eight lac. Thereafter the respondents 1 to 3 purchased eight SGCD from respondent No.4, in addition to above two Certificates at the dividend rate of 20% per annum for a period of five years and the commencing date was, from the date of issuance of said Certificates. It was further stated that the Federal…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492