QALANDRI FILLING AND CNG STATION SEHWAN vs SME LEASING LIMITED Prevailing law — 2024 CLD 106 KARACHI-HIGH-COURT-SINDH

Case information

Citation: 2024 CLD 106 KARACHI-HIGH-COURT-SINDH
Court: Sindh High Court
Year: 2024
Reporter: CLD
Parties: QALANDRI FILLING AND CNG STATION SEHWAN vs SME LEASING LIMITED Prevailing law
Subject matter: Civil
Provisions referred to: S. 15; S. 2

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

QALANDRI FILLING AND CNG STATION SEHWAN VS SME LEASING LIMITED Prevailing law---Applicability---Any action on the basis of existing law, cannot be said to be unlawful if performed under four corners of law. Citation Name: 2024 CLD 106 KARACHI-HIGH-COURT-SINDH QALANDRI FILLING AND CNG STATION SEHWAN VS SME LEASING LIMITED Ss. 9, 15 & 22---Suit for recovery of finance---Execution proceedings---Appellant/borrower defaulted in payment of outstanding installments---For recovery, process was initiated under existing laws---Recovery procedure was adopted in terms of S. 15 of Financial Institutions (Recovery of Finances) Ordinance, 2001, as available at the relevant time which was only later declared ultra vires---Suit filed by respondent/financial institution was initiated once the matter was set at rest by Supreme Court for recovery under S. 15 of Financial Institutions (Recovery of Finances) Ordinance, 2001---Validity---Suit filed by respondent/financial institution was in time and there was no ambiguity or error in findings of Banking Court's judgment---Two receipts could not form part of account of lease rentals---Definition of S. 2 of Financial Institutions (Recovery of Finances) Ordinance, 2001 included Leasing Companies for the purposes of defining Financial Institution to invoke jurisdiction of Banking Court---High Court declined to interfere in judgment and decree passed by Banking Court in favour of respondent/financial institution and against appellant/ borrowers---Appeal was dismissed accordingly.

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