NATIONAL BANK OF PAKISTAN vs BRITE CHEMICALS Ss — 2024 CLD 148 LAHORE-HIGH-COURT-LAHORE

Case information

Citation: 2024 CLD 148 LAHORE-HIGH-COURT-LAHORE
Court: Lahore High Court
Year: 2024
Reporter: CLD
Parties: NATIONAL BANK OF PAKISTAN vs BRITE CHEMICALS Ss
Subject matter: Civil
Provisions referred to: S. 29; S. 15; S. 3

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

NATIONAL BANK OF PAKISTAN VS BRITE CHEMICALS Ss. 3, 9, 22 & 29(2)---Suit for recovery of finance---Cost of funds, non-awarding of---Effect---Suit filed under previous law i.e. Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997 was decreed in favour of appellant bank without awarding cost of funds---Validity---In terms of S. 29(2) of Financial Institutions (Recovery of Finances) Ordinance, 2001, no decree could lawfully be passed under Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997 with respect to markup-based finance and only interest-bearing loans could be decreed under S. 15 of Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997---If at all decree had to be passed regarding markup-based finance, in all possibility, it had to be under Financial Institutions (Recovery of Finances) Ordinance, 2001---Provision of S. 29 was the bridge for dealing with adjudication of claims of markup-based finances under the provisions of Financial Institutions (Recovery of Finances) Ordinance 2001, notwithstanding institution of suits under provisions of Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997---Banking Court committed error of law while declining cost of funds on erroneous assumption that S. 3 of Financial Institutions (Recovery of Finances) Ordinance, 2001 had no application---High Court set aside judgment passed by Banking Court to the extent of denying of cost of funds as it was legally defective and result of misconstruction of law---High Court remanded the matter to Banking Court to determine cost of funds in accordance with the mandate of S. 3 of Financial Institutions (Recovery of Finances) Ordinance, 2001---Appeal was allowed accordingly.

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