| Citation(s) |
|---|
| 2003 SLG 775 2003 SLD 775 2003 CLD 653 |
Lahore High Court
Civil Original Suit No.41 of 2000, decision dated: 24-09-2002
MUHAMMAD SAIR ALI, JUSTICE
Muhammad Raza Farooq for Plaintiffs. Ahmad Awais, for Defendant No. 1. Muhammad Asif Bhatti for Defendants Nos.2 and 3
Civil Original Suit No.41 of 2000, decision dated: 24-09-2002
MUHAMMAD SAIR ALI, JUSTICE
Muhammad Raza Farooq for Plaintiffs. Ahmad Awais, for Defendant No. 1. Muhammad Asif Bhatti for Defendants Nos.2 and 3
NATIONAL BANK OF PAKISTAN (N.B.P.) and 5 others
VS
PUNJAB ROAD TRANSPORT BOARD through Managing Director and 3 others
Law: Life Insurance (Nationalisation) Order (10 of 1972)
Section: 14,14(2)(e)
Law: Banking Companies Ordinance, 1962
Section: 7A
(a) Life Insurance (Nationalization) Order (10 of 1972)--Art. 14(2)(e)---Banking Companies Ordinance (LVII of 1962), S.7-A---Insurance Corporation, not a banking, company as defined under S.7-A of Banking Companies Ordinance, 1962---Banking company is empowered to be engaged in any one or more businesses defined in S.7-A of Banking Companies Ordinance, 1962---State Life Insurance Corporation, as regards its incorporation, establishment, approvals, licences, sanctions, functions, powers, business etc., is not a Banking Company falling within the provisions of Banking Companies Ordinance, 1962. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S. 9(1)(2)---Civil Procedure Code (V of 1908), O.I, R.10--¬Bankers' Books Evidence Act (XVIII of 1891), Preamble--¬Filing of suit in Banking Court by insurance company¬Locus standi---Striking off unnecessary party---Joint suit was filed by certain banking companies in Banking Court--¬State Life Insurance Corporation was also one of the plaintiffs alongwith the banking companies---Claim made in the plaint was settled among some of the plaintiffs and defendants and the suit so filed was dismissed as not pressed to the extent of such parties---Grievance of the defendants was that the State Life Insurance Corporation had no locus standi to file the suit before Banking Court as it was not a banking company as defined under Financial Institutions (Recovery of Finances) Ordinance, 2001--¬Validity---No suit could be instituted through a plaint under S.9(1) & (2) of Financial Institutions (Recovery of Finances) Ordinance, 2001, without the support of a statement of account which was not duly certified under the Bankers' Books Evidence Act, 1891---As books of Insurance Corporation were not the books of Bank used in its ordinary business, therefore, the insurance company could not claim similar sanctity for its statement of account, as had been allowed to that of a Bank under the Bankers' Books Evidence Act, 1891---Insurance company could not institute a suit under S.9 of the Financial Institutions (Recovery of Finances) Ordinance, 2001, in absence of statutory authority to certify entries in its…
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