' This is an appeal under section 22 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 against the judgment and decree dated 30.05.2013.
2. The precise submission of the learned counsel for the appellants is that while passing the impugned judgment and decree the Banking Court did not take into consideration the grounds taken in the application for leave to defend and the judgment and decree was passed in a cursory manner and the impugned judgment and decree betrays a lack of application of mind on the part of the Banking Court.
3. We have heard the learned 'counsel for the parties and tend to agree with the contentions raised by the learned counsel for the appellants. It was specifically denied by the appellants in their application for leave to defend that the machinery which has been mentioned in the schedule of the agreement relied upon in the plaint was not leased out to the appellants during the course of the business. Also that the amount of Rs,2.5 M which was the amount sought to be recovered had not been disbursed to the appellants at any stage. It was also alleged in the application for leave to defend that the statement of account which has been filed in support of the plaint shows that the first disbursement was made on 4.1.2005 whereas the sale invoice attached with the plaint is dated 13.8.2004. This clearly showed that the machinery mentioned in the alleged sale invoice was not purchased against the alleged loan facility. In this regard, the learned counsel for the appellants has also drawn the attention of this Court to the facility offer letter which refers to an amount which is materially different from the amount claimed in the suit. This is also evident from the agreement relied upon by the respondents. All of these facts have not been considered by the Banking Court while passing the impugned judgment and decree. On this account, the judgment and decree passed by the Banking Court proceeds on an illegality and cannot be sustained.
4. In view of the above, this appeal is allowed. The judgment and decree dated 30.05.2013 is set aside. The matter is remanded to the Banking Court for decision afresh on the application for leave to defend filed by the appellants. This shall be done by the Banking Court within a period of three months from the order of this Court.