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

Section: 5

(a) Jurisdiction ---Conferring of jurisdiction-Agreement between parties-Effect-Parties can validly agree for conferment of jurisdiction upon one or two courts, which have concurrent jurisdiction to the exclusion of other-Agreement in such behalf in normal circumstances is binding upon parties thereto. (b) Interpretation of documents--- --Specifically negotiated' and `printed/cyclostyled agreements'-Distinction-For printed and cyclostyled agreements/ documents, rules of interpretation are different from construction of documents, which are specifically negotiated containing conscious and deliberated stipulations. (c) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--Ss. 5 & 7-Civil Procedure Code (V of 1908), S.20-Constitution of Pakistan (1973), Art.199-Constitutional petition-Jurisdiction of Banking Court--Agreement between parties-Effect--Defendants assailed jurisdiction of Banking Court at place "L" on the plea that in agreements/documents prepared by financial institution it had been agreed that Banking Court at place "R" would have the exclusive jurisdiction-Validity--Exclusive jurisdiction clause was meant for benefit of financial institution rather than defendants and if financial institution had given up its choice of exclusive forum and had itself instituted suit at place "L", the defendants could not make any grievance on such account, particularly in a situation when sanction advice for restructuring was issued at place "L", supplemental agreements were executed at place "L", petitioners including principal borrower also resided at place "L", and principal borrower had not taken any objection about territorial jurisdiction of Banking Court in petition for leave to appear---Creditor was to follow the debtor and was to institute suit where the latter resided in ordinary sense and rule regarding forum of convenience was also attracted High Court in exercise of Constitutional jurisdiction declined to interfere in the jurisdiction of Banking Court at place "L" Petition was dismissed in circumstances. Pahrianwali Sugar Mills through Deputy Chief Executive and others v. Pak-Libya Holding Company (Pvt.) Ltd. and others 2004 CLD…

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