' This is an appeal under section 22 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (Ordinance, 2001) and lays a challenge to the judgment and decree dated 14.3.2013 and more specifically with regard to the failure on the part of the Banking Court to grant markup to which the appellant-bank was entitled as decree holder.
2. The only question which requires determination is whether the Banking Court was justified in refusing to grant markup beyond the period of 3rd quarter of 2007. The agreement, which was the basis of the suit was executed on 01.01.2008 and had a validity till 31.12.2008. The Banking Court decreed the amount of markup to be due till the 3rd quarter of 2007 which was the date when the respondents fell in default in making the payment under the agreement. Taking the 3rd quarter of 2007 as the cut off date, the Banking Court fell into an error while granting the markup up till that date and not beyond that. Under the law, a plaintiff is entitled to the grant of markup till the period for which the agreement is valid and 'which was 31.12.2008. The Banking Court held that the appellant/decree holder bank was entitled to a markup of Rs,713,655/- which was due against the defendants on the date of default. Although, it was pleaded by the counsel for the appellant/decree holder bank, that the appellant was entitled to markup till the date of maturity of the amount, but this aspect of the matter was not adverted to by the Banking Court and the finding rendered with regard thereto is clearly illegal and ultra vires. The claim in the suit was for an amount of Rs,10,54,249/- as outstanding mark up whereas the markup which was granted to the appellant was merely Rs,713,655/-. The amount of markup of Rs,10,54,249/- had been calculated to be due till the period of validity of the agreement dated 1.1.2008 and was clearly due to the appellant.
3. In view of the above, this appeal is allowed and the judgment and decree to that extent is modified and it is held that the appellant as decree holder will be entitled to an amount of Rs,3,40,594/- (the difference between the claimed and the granted mark up) as markup in addition to the one which is already granted to the appellant. The decree sheet will be modified accordingly.