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

Section: 2

(a) Banging Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997)---Ss. 2(f) & 7-Powers and jurisdiction of Banking Court­ Amount credited twice in the account of the appellant due to clerical error by the Bank Appellant withdrawing the amount in excess of the balance of his credit-Effect-Appellant deemed to have asked for the loan and the Bank deemed to have advanced the same to the extent of excess amount-Plea of the appellant that the transaction was not covered by S.2(c), (d) and (f) of Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997 was repelled---Case of the appellant rightly fell under S.2(f) of Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997---Considerations of justice, equity and good conscience to prevail to preclude the appellant from denying liability in respect of such loan. National Bank of Pakistan v. Muhammad Ashraf Sanik and another PLD 1987 Lah. 17 ref. (b) Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997)--- ----S.7---Conduct of parties, effect of---Withdrawal of amount by appellant over and above the entitlement not denied---Payment of mark-up---Justification---Contributory conduct of Bank's functionaries by making credit entries twice and then encashing the cheque---Held, where the appellant made withdrawal of an amount in excess due to the clerical error by the bank, there being no agreement for the payment of mark-up, the bank was not entitled to claim the same. (c) Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997)--- ----S.15---Powers of Court for purposes of S.15. of Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997-Mark-up determination of---Question whether grant of mark-up/interest obligatory in view of S.15 of the Act-Held, reading of S.15 of the Act showed that the Court was not denuded of the power to examine and keep in view the peculiar circumstances of the case in order to determine whether to award mark-up or not to the Bank. JUDGMENT SYED ZAHID HUSSAIN, J.---Suit for recovery of US$ 11375 with mark-up and liquidated damages…

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