TEAM PACKAGES vs MCB BANK LIMITED Ss — 2024 CLD 839 LAHORE-HIGH-COURT-LAHORE

Case information

Citation: 2024 CLD 839 LAHORE-HIGH-COURT-LAHORE
Court: Lahore High Court
Year: 2024
Reporter: CLD
Parties: TEAM PACKAGES vs MCB BANK LIMITED Ss
Subject matter: Civil
Provisions referred to: S. 19; S. 10; 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

TEAM PACKAGES VS MCB BANK LIMITED Ss.3, 10(4), explanation, 19 & 22---Suit for recovery of finances---Execution proceedings---Cost of funds---Appellant / judgment debtor was aggrieved of dismissal of his objections regarding recovery of cost of funds prior to recovery of decretal amount---Validity---Execution of decree passed by Banking Court was governed by S.19 of Financial Institutions (Recovery of Finances) Ordinance, 2001, which contained no provision for applicability of explanation contained in S. 10(4) of Financial Institutions (Recovery of Finances) Ordinance, 2001---No reference was made to application of such explanation in S.3 of Financial Institutions (Recovery of Finances) Ordinance, 2001, which prescribed duty of a customer to pay cost of funds of financial institution---Decree-holder bank erred in law in appropriating repayments made by judgment-debtors towards other amounts such as cost of funds instead of decretal debt on the pretext of applicability of explanation in S.10(4) of Financial Institutions (Recovery of Finances) Ordinance, 2001---High Court set aside order passed by Banking Court as it was unlawfully approved---Appeal was allowed accordingly.

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