MIAN SAQIB NISAR, J.---The respondent-Bank brought a suit for recovery against the appellant to the tune of Rs.1.506 million on the premise that through a financing agreement dated 6-1-1999 the limit of 1.500 million was sanctioned and granted to the appellant firm, the appellant though has repaid some amounts, yet the total liability has not been discharged till the expiry of the agreement, i.e. 31-12-1999. Resultantly, a further financing agreement dated 1-1-2000 was duly executed, but the liability has not been discharged, therefore, the aforesaid amount is due from the appellant firm and its partners. The appellants moved an application for grant of leave in which they have not specifically denied the execution of the agreements but vaguely claimed that the agreements and the guarantees are forged for the reasons those documents contain the signatures of deceased Muhammad Sadiq, who had died in the year, 1995.
2. Learned Court below has dismissed the leave application and decreed the suit to the tune of Rs.1,351984.70 plus markup till the realization of the amount.
3. Learned counsel for the appellant has reiterated his argument that Muhammad Sadiq had died in 1995 thus his signature on the two agreements and guarantees subsequently executed indicates that those are forged and fabricated documents. We are afraid that there are no signatures of Muhammad Sadiq, on the said agreements or guarantees, resultantly the plea raised is absolutely misconceived and against the record.
4. According to the Financial Institutions (Recovery of Finances) Ordinance, 2001 the mark-up however, could not been granted by the Court below, rather only cost of hinds, which are determinable under section 3 of the Ordinance. Suffice it to say that obviously the learned Court below has committed error in this behalf, therefore, by dismissing this appeal, we modify the judgment and decree of the Court below,' that instead of grant of mark-up, the respondent-Bank is entitled to the cost of funds as per section 3 of the Ordinance. The Executing Court, at the time of execution of the decree, shall calculate the exact amount of the cost of fund awarded. Dismissed.