| Case ID |
25dd9804-8e87-4797-ac83-3b25185d23cd |
| Body |
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| Case Number |
Civil Petition No.1183 of 2011 |
| Decision Date |
Oct 12, 2011 |
| Hearing Date |
|
| Decision |
The Supreme Court of Pakistan dismissed the petition for leave to appeal, affirming the decision of the High Court which had ruled in favor of Soneri Bank Ltd. The court found that Apollo Textile Mills Ltd. and its co-defendants failed to comply with the mandatory requirements outlined in the Financial Institutions (Recovery of Finances) Ordinance, 2001, particularly sections 9 and 10. The petitioners did not adequately plead their accounts or provide sufficient detail regarding the finances availed, repayments made, or disputed amounts. Consequently, the allegations in the plaint were deemed admitted, leading to a decree against the petitioners for the claimed amount. The court underscored the importance of strict compliance with procedural requirements in banking suits to ensure fairness and clarity in the legal process. |
| Summary |
This case revolves around the appeal of Apollo Textile Mills Ltd. against a decree issued by the High Court in favor of Soneri Bank Ltd. for recovery of finances under the Financial Institutions (Recovery of Finances) Ordinance, 2001. The Supreme Court emphasized the mandatory nature of the legal provisions governing banking suits, particularly the requirement for detailed pleading of accounts and financial transactions. The petitioners' failure to meet these requirements resulted in their inability to defend against the claims, ultimately leading to the dismissal of their petition for leave to appeal. The court reaffirmed that a clear and precise articulation of financial dealings is essential in banking litigation, as it protects both the institutions involved and the rights of the defendants. The decision highlights the significance of adhering to procedural norms in financial recovery cases, establishing a precedent for future banking litigation. Keywords: banking law, financial recovery, legal compliance, Supreme Court, Pakistan. |
| Court |
Supreme Court of Pakistan
|
| Entities Involved |
Apollo Textile Mills Ltd.,
Soneri Bank Ltd.
|
| Judges |
MUHAMMAD SAIR ALI,
MIAN SAQIB NISAR
|
| Lawyers |
Dr. M. Farogh Naseem, Advocate Supreme Court,
Mehr Khan Malik, Advocate-on-Record,
Arshad Tayyab Ali, Advocate Supreme Court
|
| Petitioners |
,
Apollo Textile Mills Ltd.
|
| Respondents |
Soneri Bank Ltd.
|
| Citations |
2012 SLD 2196 = 2012 CLD 337
|
| Other Citations |
Niaz Muhammad v. Fazal Raqib PLD 1974 SC 134,
Messrs Muhammad Siddiq Muhammad Umar v. The Australasia Bank Ltd. PLD 1966 SC 684,
Bankers Equity Limited through Principal Law Officer and 5 others v. Messrs Bentonite Pakistan Limited and 7 others 2010 CLD 651
|
| Laws Involved |
Financial Institutions (Recovery of Finances) Ordinance, 2001,
Civil Procedure Code, 1908,
Bankers' Books Evidence Act, 1891
|
| Sections |
9,
10,
41,
96
|