S.M. NISAR AND COMPANY vs ASKARI BANK LIMITED, BRANCH HIGH STREET, SAHIWAL Ss — 2023 CLD 1021 LAHORE-HIGH-COURT-LAHORE

Case information

Citation: 2023 CLD 1021 LAHORE-HIGH-COURT-LAHORE
Court: Lahore High Court
Year: 2023
Reporter: CLD
Parties: S.M. NISAR AND COMPANY vs ASKARI BANK LIMITED, BRANCH HIGH STREET, SAHIWAL Ss
Subject matter: Criminal
Provisions referred to: S. 10

Fields are extracted from the reported citation and judgment text. Where a detail is not stated in the record, it is not shown.

Judgment text as reported

S.M. NISAR AND COMPANY VS ASKARI BANK LIMITED, BRANCH HIGH STREET, SAHIWAL Ss. 9, 10 & 22---Suit for recovery of bank loan---Leave to appear and defend the suit---Availing of finance facility was admitted by the clients (appellants) of the bank---Court dismissed the appellants' application to leave to defend and decreed the suit of the bank/respondent---Appellants asserted that the amounts paid by them towards adjustment of finance facility had not been accounted for---Validity---Held, that such assertion had not been substantiated by the appellants in their application for leave to defend through tangible material/details of any amount adjusted and even no specific amount that could have been counted as disputed was mentioned in said application--- When the application for leave to defend did not fulfill the dictates of Ss. 10(3), 10(4) & 10(5) of Financial Institutions (Recovery of Finances) Ordinance, 2001 (' the Ordinance 2001'), then such application was liable to be rejected in terms of S. 10(6) of the Ordinance 2001 and in consequence, allegation of facts as contained in the plaint were deemed to have been admitted as per S. 10(1) of the Ordinance 2001---Appellants also failed to raise any substantial question of law and fact---No illegality or infirmity was noticed in the impugned judgment and decree passed by the Court below---Appeal was dismissed, in circumstances.

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