| Case ID |
f9d849f8-4749-4076-b502-6a31736098d6 |
| Body |
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| Case Number |
R.F.A. No. 357 of 2021 |
| Decision Date |
Sep 14, 2022 |
| Hearing Date |
Sep 14, 2022 |
| Decision |
The Regular First Appeal was dismissed by the Banking Court, affirming the decision made on 23.06.2021, where the Respondent Bank was awarded a decree for Rs. 5,406,486.87 against the Appellants. The court found that the Appellants failed to substantiate their claims regarding the unlawful debit entries in their account statements. The Banking Court had addressed all the legal and factual objections raised by the Appellants in their Petition for Leave to Appear (PLA), confirming that the entries were lawful and supported by the financing documents. The Appellants did not fulfill the requirements set forth in the Ordinance, leading to the rejection of their PLA and the dismissal of their appeal with costs. |
| Summary |
In the case of R.F.A. No. 357 of 2021, the Appellants, Messrs MIQ (PVT.) LIMITED, contested a decree issued by the Banking Court for the recovery of finances under the Financial Institutions (Recovery of Finances) Ordinance, 2001. The Appellants argued that certain debit entries in their account statement were unlawful. However, the court found that the Appellants did not provide sufficient evidence to support their claims. The Respondent Bank provided detailed explanations for each debit entry, which were found to be charges incurred lawfully under the financing agreements. The court ruled that the Appellants had failed to meet the statutory requirements for disputing the charges, leading to the dismissal of their appeal. This case highlights the importance of proper documentation and evidence when contesting financial obligations in banking disputes, and serves as a precedent for future cases involving financial recoveries. |
| Court |
Banking Court-III
|
| Entities Involved |
Messrs MIQ (PVT.) LIMITED,
HABIB METROPOLITAN BANK LIMITED
|
| Judges |
ABID HUSSAIN CHATTHA,
ANWAAR HUSSAIN
|
| Lawyers |
|
| Petitioners |
Messrs MIQ (PVT.) LIMITED
|
| Respondents |
HABIB METROPOLITAN BANK LIMITED
|
| Citations |
2022 SLD 2413,
2022 CLD 1562
|
| Other Citations |
Not available
|
| Laws Involved |
Financial Institutions (Recovery of Finances) Ordinance, 2001
|
| Sections |
9
|