| Case ID |
3ca74610-70fb-4d38-937f-955a724cb704 |
| Body |
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| Case Number |
High Court Appeal No. 6 of 2002 |
| Decision Date |
Feb 26, 2003 |
| Hearing Date |
|
| Decision |
The High Court accepted the appeal filed by the appellants against the judgment of the Banking Court Balochistan, which had dismissed their suit for lack of jurisdiction. The High Court found that the Banking Court had acted on unsustainable grounds and had failed to adhere to the provisions of the relevant laws governing the case. The High Court set aside the impugned decree, deeming it a nullity in the eyes of the law, and remanded the case back to the Banking Court for a decision in accordance with the law, thereby providing the appellants an opportunity to have their grievances addressed appropriately. |
| Summary |
In the case at hand, the High Court addressed an appeal concerning the dismissal of a suit filed by Messrs HAQ TRADERS against Muslim Commercial Bank Limited. The appellants had initially sought a declaration and a settlement of accounts related to their financial obligations under various agreements with the bank. The Banking Court had dismissed the suit, claiming a lack of jurisdiction. However, the High Court found that the matter fell within the jurisdiction of the Banking Court as specified under the Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997 and the Financial Institutions (Recovery of Finances) Ordinance, 2001. The High Court's decision emphasized the importance of adhering to legal frameworks and the rights of borrowers under financial agreements, setting a precedent for future cases involving banking disputes. The judgment highlights the need for banking institutions to comply with legal obligations and the rights of borrowers, particularly in relation to the terms of finance agreements and the legality of charges levied by banks. This case serves as a significant reference point for similar disputes, underlining the necessity for proper judicial examination in financial matters. |
| Court |
Quetta High Court
|
| Entities Involved |
MUSLIM COMMERCIAL BANK LIMITED,
Messrs HAQ TRADERS
|
| Judges |
RAJA FAYYAZ AHMED, C.J.,
AKHTAR ZAMAN MALGHANI, J
|
| Lawyers |
Talat Waheed,
K. N. Kohli
|
| Petitioners |
Messrs HAQ TRADERS through Partners
|
| Respondents |
MUSLIM COMMERCIAL BANK LIMITED through Manager
|
| Citations |
2003 SLD 2968,
2003 CLD 1419
|
| Other Citations |
Nasimuddin v. United Bank Ltd. 1998 CLC 1718
|
| Laws Involved |
Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001),
Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997),
Constitution of Pakistan (1973)
|
| Sections |
7(6),
9,
22,
2(b),
5,
9,
22,
199
|