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

Section: 12

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--S.12---Application for setting aside ex parte decree---Banking Court 'dismissed application of defendant on the ground of being barred by limitation---Section 12 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 provided that where the defendant was served through citation the point of limitation of 21-days for filing application under the said provision commenced from the date of knowledge---Impugned order, in the present case, showed that there was no finding as to the date of knowledge---Such order was not sustainable---High Court allowed the appeal and remanded the case to Banking Court to decide the application of defendant, afresh in accordance with law---Appeal was allowed. ORDER This appeal is directed against the order dated 9-9-2004 whereby an application filed under section 12 of the Financial Institution (Recovery of Finances) Ordinance, 2001 by the present appellant was dismissed. 2. Brief facts necessary for the adjudication of the lis at hand are; that the respondent/bank filed a suit for recovery, inter alia, against the present appellant and other respondents. The summons/notices were issued in accordance with the provisions of the said Ordinance. Apparently, the service was not effected personally upon the appellant and the only mode of service available on…

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