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2015 SCMR 54

BANKERS EQUITY (LTD.) and others vs Messrs BENTONITE PAKISTAN LTD. and

Citation2015 SCMR 54
CourtSupreme Court of Pakistan
Case No.Civil Petition No, 752-L of 2010
Date2013-03-12
Judge(s)Sarmad Jalal Osmany, Tasaddaq Hussain Jillani
ResultAppeal allowed

ORDER

' TASSADUQ HUSSAIN JILLANI, J.---Learned counsel for the petitioners submits that in the suit for recovery filed by the petitioners' plaint was rejected solely on the ground that petitioner/plaintiffs had failed to comply with sections 9(1) and (2) of the Financial Institutions (Recovery of Finances)

Ordinance, 2001 although it was a rectifiable mistake and even otherwise since the loan was relatable to the year 1987, the matter should have been dealt with under the Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997 and not under the Financial Institutions (Recovery of Finances) Ordinance, 2001.

2. Learned counsel for the respondent No,4 who was on watching brief in all fairness submitted that it was a rectifiable mistake/omission and if the petitioners amend the plaint within a period of 15 days, respondent has no Objection if this petition is converted into appeal and allowed.

3. In view of the fair stand taken by respondent's learned counsel, this petition is converted into appeal and allowed and the impugned judgment is set aside. Civil Original Suit No,44 of 2000 shall be deemed to be pending and the appellants shall file amended suit A within 15 days.

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