MCB BANK LIMITED vs ADEEL SHAHBAZ STEEL MILLS Ss — 2023 CLD 655 LAHORE-HIGH-COURT-LAHORE

Case information

Citation: 2023 CLD 655 LAHORE-HIGH-COURT-LAHORE
Court: Lahore High Court
Year: 2023
Reporter: CLD
Parties: MCB BANK LIMITED vs ADEEL SHAHBAZ STEEL MILLS Ss
Subject matter: Civil
Provisions referred to: S. 2; S. 5; S. 7---B; S. 7

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 ADEEL SHAHBAZ STEEL MILLS Ss. 2(a), 2(b), 2(c), 2(d), 4, 5, 7 & 9---Financial institution---Banking Court---Customer---Finance---Ordinance to override other laws---Powers of Banking Court---Procedure of Banking Courts---Scope---Section 2(b) defines the Banking Court, in respect of a case; (i) in which the claim does not exceed hundred million rupees, and for the trial of offences under the Ordinance, in terms of S. 2(b)(i); (ii) means, a court established under section 5, and in respect of any other case, the High Court---While S. 5 enables the Federal Government to establish Banking Courts to exercise jurisdiction under the Ordinance---Being creature of the statute, the Banking Courts drive powers/jurisdiction under S. 7---Banking Courts, in exercise of its civil jurisdiction, shall have all powers otherwise available to a Civil Court under the Code of Civil Procedure, 1908---By virtue of the said provision, the Banking Court is bound to follow the procedure as provided in the Financial Institutions (Recovery of Finances) Ordinance, 2001, however where it is silent, the procedure provided in the C.P.C. shall apply---Pertinently, the Banking Courts are creatures of statute and they derive their powers/jurisdiction from S. 7(4) read with Ss. 9(1), 2(a), 2(c), 2(d), 2(e) & 4 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 and where the Ordinance does not prescribe a particular procedure with respect to a matter, the proceedings under the Ordinance are to be governed by the C.P.C.

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