Law: Banking Tribunals Ordinance (LVIII of 1984)

Section: 9

(a) Banking Tribunals Ordinance (LVIII of 1984)--S.9---Limitation Act (IX of 1908), S.5---Appeal---Dismissal for non-prosecution---Application for condonation of delay in filing the application for the re-admission of the said appeal---Contents of the application for condonation of delay were supported by the affidavit of the appellant; to which there was no rebuttal---High Court, deeming the averments of the application constituting sufficient cause for the condonation of delay, allowed the application. (b) Banking Tribunals Ordinance (LVIII of 1984)----- ----Ss. 11, 9 & 6---Financial Institution (Recovery of Finances) Ordinance (XLVI of 2001), S.12---Appeal---Ex parte decree was passed against the debtor by the Banking Tribunal--­Judgment-debtor, on attaining knowledge about the said ex parte decree, filed an application for setting aside the same which was dismissed by the Banking Tribunal---Counsel for the Bank, after addressing the arguments at length before the High Court, in appeal, submitted that he had no objection to acceptance of the appeal and for the remand of the suit to be decided afresh by the Banking Tribunal (Court)---Such course of action was also accepted by the -debtor---High Court, in circumstances, accepted the appeal, and set aside the order of the Banking Tribunal with no order as to costs with the result that application filed by the debtor, for setting aside the ex parte decree was also set aside; suit filed by the Bank against the debtor would be deemed to be pending before newly constituted Banking Court under the Financial Institutions (Recovery of Finances) Ordinance, 2001---Debtor was allowed a period of 10 days, for filing an application for leave to defend the suit, as provided under S.12, Financial Institutions (Recovery of Finances) Ordinance, 2001 and the Banking Court was directed, at the first instance, to decide the said application within a period of two months---If, however, no such application was filed by the debtor within the stipulated period, law would take its own course. ORDER C.M. No.2-C of 2002 MIAN HAMID FAROOQ, J.---The applicant/ appellant has filed the instant application under section 5 of the…

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