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MCB BANK LIMITED vs TANVEER SPINNING AND WEAVING MILLS Ss — 2023 CLD 491 LAHORE-HIGH-COURT-LAHORE

Case information

Citation
2023 CLD 491 LAHORE-HIGH-COURT-LAHORE
Court
Lahore High Court
Year
2023
Reporter
CLD
Parties
MCB BANK LIMITED vs TANVEER SPINNING AND WEAVING MILLS Ss
Subject matter
Civil
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

MCB BANK LIMITED VS TANVEER SPINNING AND WEAVING MILLS Ss. 9 & 10---Suit for recovery of finance---Leave to defend the suit, refusal of---Evasive defense---Effect---Plaintiff/Bank filed suit for recovery of finance against which defendant/customer sought leave to defend the suit---Validity---Provisions of S. 10(5) of Financial Institutions (Recovery of Finances) Ordinance, 2001, were mandatory in nature---Non-compliance of mandatory provisions entailed penal consequences, as provided under S. 10(6) of Financial Institutions (Recovery of Finances) Ordinance, 2001---Execution of documents filed with plaint was not denied by defendants/customers in Petition for Leave to Appear and were not entitled for leave to defend in the suit---Defendants/customers did not discharge their obligations as per the agreements, therefore, suit was rightly instituted by plaintiff/Bank---Where defendant had not complied with mandatory requirement of law, the plaintiff was entitled to have the suit decreed in his favour as mandated under S. 10(12) of Financial Institutions (Recovery of Finances) Ordinance, 2001---Defense set up in defendants' application for leave to defend the suit was evasive, improbable and no substantial questions of law or facts were raised in the leave application---Suit was decreed accordingly.

Other judgments reported in 2023 CLD

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