HOUSE BUILDING FINANCE COMPANY LTD. vs Major MUHAMMAD ABDUL AZIZ Ss — 2024 CLD 513 KARACHI-HIGH-COURT-SINDH

Case information

Citation: 2024 CLD 513 KARACHI-HIGH-COURT-SINDH
Court: Sindh High Court
Year: 2024
Reporter: CLD
Parties: HOUSE BUILDING FINANCE COMPANY LTD. vs Major MUHAMMAD ABDUL AZIZ Ss
Subject matter: Civil
Provisions referred to: 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

HOUSE BUILDING FINANCE COMPANY LTD. VS Major MUHAMMAD ABDUL AZIZ Ss. 3(2), 9 & 22---Recovery of finance---Cost of funds---Determination---Appellant/borrower was aggrieved of cost of funds determined by Banking Court and included in decree passed in favour of respondent/financial institution---Validity---Cost of funds of financial institution payable under S. 3(2) of Financial Institutions (Recovery of Finances) Ordinance, 2001 were as certified by State Bank of Pakistan from time to time---There was no need for Banking Court to exercise its discretion and apply its own formula of cost of funds and not those certified by State Bank of Pakistan---Division Bench of High Court declined to determine rate of cost of funds of commercial banks and there was no basis provided for bifurcating period for which cost of funds was due and payable---High Court set aside the criterion adopted by Banking Court for calculating cost of funds---High Court set aside cost of funds imposed against appellant/borrower and remanded the matter to Banking Court for calculation afresh---Appeal was allowed accordingly.

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