MCB BANK LIMITED vs CITY STEEL UAE MILLS (PVT — 2024 CLD 387 LAHORE-HIGH-COURT-LAHORE

Case information

Citation: 2024 CLD 387 LAHORE-HIGH-COURT-LAHORE
Court: Lahore High Court
Year: 2024
Reporter: CLD
Parties: MCB BANK LIMITED vs CITY STEEL UAE MILLS (PVT
Subject matter: Banking
Provisions referred to: S. 2; S. 9; Books Evidence Act (XVIII of 1891); Books Evidence Act

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 CITY STEEL UAE MILLS (PVT.) LIMITED Ss. 9 & 10---Bankers' Books Evidence Act (XVIII of 1891), S. 2(8)---Suit for recovery of finance---Leave to appear, refusal of---Penal interest---Scope---Plaintiff bank produced statements of accounts which were duly verified as required under S. 2(8) of Bankers' Books Evidence Act, 1891 and S. 9(2) of Financial Institutions (Recovery of Finances) Ordinance, 2001---No counterstatement was filed by defendant company to controvert the statement of accounts---Validity---Mere bald allegations against statement of accounts without backing of law and documented proof had no basis---Statement of accounts of defendant company showed that penal interest was charged from time to time---Such penal interest had no backing of law---Plaintiff bank excluded amount of penal interest from the liability against defendant company---High Court excluded penal interest and markup was charged on the basis of finance agreement only till its expiry---Plaintiff bank was entitled for cost of funds after the date of markup---Claim of plaintiff bank was substantiated by agreement/statement of accounts as well as finance documents---Defendant company was unable to raise any substantial question of law or fact regarding requiring recording of evidence for its resolution---High Court declined to grant leave to appear to defendant company---Suit was decreased accordingly.

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