This regular first appeal filed under section 22 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (the Ordinance) calls into question judgment and decree dated 06.09.2013 passed by the banking court.
2. Brief facts of the case are that the respondent bank filed a suit against the appellants seeking recovery of Rs.
11,484,617.05 due under a running finance facility. The appellants contested the suit by filing their application for leave to defend. The defense taken by the appellants was not found to be bona fide by the banking court and accordingly their application for leave to defend was dismissed and decree in the suit was passed in favour of the respondent bank and against the appellants in the sum of Rs.10,054,434/-.
3. Learned counsel confined his arguments by the pleading only two grounds. It is submitted that the respondent bank had obtained signature of the appellants on blank documents and that renewals of the facility carried out after the year 2008 was sham as no disbursement was made thereunder. Learned counsel for the respondent bank, on the other hand, supported the judgment and decree passed by the banking court.
4. Arguments heard record perused.
5. The submissions made by the learned counsel for the appellants are not supported by the record. It is manifest from the record that the appellants duly applied for renewal of the finance facilities for the year 2009 till the year 2011. The respondent bank issued the offer letters from time to time which were duly accepted by the appellants by putting their signatures thereon. Similarly, the appellants executed the finance documents which are also available on record. These documents include the finance agreements in which the particulars regarding the sale price, purchase price and the date of repayment are duly reflected. Likewise, the statement of account clearly reflects that transactions in the account continued up to the year 2011. In the circumstances, the appellants have failed to make out any case for interference in the judgment and decree passed by the banking court.