Judgment  Sheet

 

IN THE HIGH COURT OF SINDH KARACHI

 

First Appeal No. 29 of 2015

 

                                                                           Before :

                                                                           Mr. Justice Nadeem Akhtar

                                                                           Justice Mrs. Kausar Sultana Hussain

 

Appellant                   :  Ghulam Rasool Abbasi through

   Syed Shohrat Hussain Rizvi Advocate.

 

Respondent No.1    :  United Bank Limited, through

   Mr. Khalid Mehmood Siddiqui Advocate.

 

            Auction Purchaser  :  Lachman Das through

                                                   Mr. Khaleeq Ahmed Advocate.

 

Date of hearing        :  09.11.2018.

……………

 

J U D G M E N T

 

 

NADEEM AKHTAR, J. This appeal under Section 22 of the Financial Institutions (Recovery of Finances) Ordinance, 2001, (‘the Ordinance’) is directed against judgment and decree dated 24.03.2015 and 02.04.2015, respectively, passed by learned Banking Court No.II at Karachi in Suit No.138/2013, whereby the said Suit filed by respondent No.1 was decreed with costs against the appellant in the sum of Rs.8,695,961.00 with cost of funds thereon from the date of default i.e. 30.06.2010 till realization.

 

2.         Relevant facts of the case are that the above Suit was filed by respondent No.1 against the appellant before the learned Banking Court for recovery of Rs.12,229,853.62 with cost of funds thereon from the date of default till realization of the entire amount. The case of respondent No.1 / plaintiff, as averred in the plaint, was that a finance facility to the tune of Rs.8,700,000.00 was sanctioned by respondent No.1 in favour of the appellant on 30.11.2007, and in consideration of the said facility, the appellant executed an agreement for financing on markup basis dated 30.11.2007. In order to secure repayment of the said facility, the appellant executed in favour of respondent No.1 general power of attorney, undertaking, memorandum of deposit of title deeds and mortgage deed, all dated 30.11.2007. It was alleged by respondent No.1 that despite availing the entire facility, the appellant committed default in fulfilling his obligations, and at the time of filing of the Suit an amount of Rs.12,229,853.62 was outstanding against him including principal amount of Rs.8,695,961.28 and markup thereon at the agreed rate.

 

3.         The appellant filed an application under Section 10 of the Ordinance seeking unconditional leave to defend the Suit, which was dismissed vide order dated 26.08.2014. Thereafter, learned Banking Court proceeded to examine the respondent No.1’s claim and through the impugned judgment and decree, decreed the Suit with costs against the appellant in the sum of Rs.8,695,961.00 with cost of funds thereon from the date of default i.e. 30.06.2010 till realization.

 

4.         Perusal of the application for leave to defend filed by the appellant shows that in paragraph 3 at page 7 thereof he had admitted his liability in categorical and unequivocal terms by stating that Actually the amount recoverable from the defendant may be Rs.8,695,961.28 and for the remaining amount the claim of the plaintiff bank is illegal and unjustified. It may be noted that the decree has been passed against the appellant for exactly the above amount that was admitted by him, and the amount disputed by him has not been awarded to respondent No.1. In the above circumstances, we do not see any illegality or infirmity in the impugned judgment and decree which, in our opinion, do not require any interference by this Court.

 

5.         Foregoing are the reasons of the short order announced by us on 09.11.2018 whereby this appeal and listed applications were dismissed with no order as to costs.

 

 

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      J U D G E

 

 

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                  J U D G E

 

 

 

*First Appeal 29-15 Decree Maintained/Judgments DB/Court Work/Desktop/ARK*