1. ANWAR ZAHEER JAMALI, CJ.---Through this transfer application under section 5(3) of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (hereinafter referred to as the...Ordinance of 2001), applicants have sought transfer of Suit No,144 of 2008, pending before the Banking Court No,II at A Karachi to the Court of V-Banking Court, Karachi, where earlier suit relating to same dispute, being Suit No,585 of 2007, is pending.
2. Learned counsel for respondents has brought to my notice that in subsequent Suit No,144 of 2008, filed by respondent No,1, at this juncture, an application for leave to defend, moved by some of the defendants in the suit, is pending for disposal, therefore, it will not be appropriate that at this stage the said suit may be transferred to any other Court. He submits that in case leave to defend application, pending in suit No,144 of 2008 is dismissed then the entire procedure will be in accordance with section 10(10) and (11) of the Ordinance of 2001 and, therefore, the transfer of either suit to one Court at this stage will not serve any purpose.
3. Mr. Khaleeq Ahmed, learned counsel for applicants, while vehemently arguing this transfer application on the plea that since the subject-matter of the two suits is one and the same, therefore, transfer of these two suits to one Court is justified, did not controvert the stage of the proceedings in Suit No,144 of 2008.
4. ' In view of the above, I deem it appropriate to dismiss this transfer application with the observation that in case leave to defend application, moved by the defendants in Suit No,144 of 2008 is granted by the Banking Court then it Will be open for the applicants to repeat fresh transfer application.