The records called for have been received and perused with assistance of the learned counsel.
2. On' 22-3-1995 the respondent-Bank filed a suit against the appellants for recovery of Rs.7,39,825.
In the plaint it was stated that appellant No.1 through appellant No.2 approached the respondent- Bank for a finance facility under Small Finance Scheme. The facility in the sum of Rs.8.00,000 was provided and availed by the appellants. Several documents and security details in paras.2 and 3 were furnished. Liability was to be finally adjusted by 30-7-1990 and was subject to payment of mark-up at ,the rate of Rs.45 paisas per Rs.1,000 on daily products. Agreed mode of repayment in monthly installment of Rs.10,000 while the balance amount on the said date was to be paid in lump sum. Several documents mentioned in para.4 of the plaint were also executed. With reference to the statement of account appended with the plaint it was stated that the suit amount is due. The appellants were duly served. They put in appearance. in response to show-cause notice (the suit had been filed before a learned Banking Tribunal. Lahore). A reply was filed. Later the matter stood transferred to learned Judge Banking Court-III, Lahore. who treated the reply as an application for grant of leave to defend. The matter was heard. Vide order dated 22-3-1999 the leave was refused and the suit was decreed in the said amount.
3. Learned counsel for the appellants contends that the respondent-Bank has illegally compounded the mark-up. According to the learned counsel mark-up could not have been charged after 31-7-1990.-
4. Now we have examined the reply and we find that only objection regarding mark-up taken in the said reply is to the effect that the same is against the Injunction of Islam. We, therefore, are not inclined to consider the said contention of the learned counsel. He then states that his clients have moved the State Bank of Pakistan under some incentive scheme and the matter is under active consideration and some amount has been deposited as well, if this is so the learned Executing Court shall duly consider the said matter before proceeding to execute the decree, in terms of State Bank of Pakistan, Circular No.29. With these observations the R.F.A. is dismissed in limine.
Records of the learned Banking Court be remitted back immediately.