' JAWWAD S. KHAWAJA, J.---This appeal impugns the judgment and decree, dated 13-12-2001. The facts of this case are simple. The appellants filed an application seeking leave to appear and defend under the provisions of Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997. Thereafter, the Financial Institutions (Recovery of Finances) Ordinance, 2001 was promulgated. Under section 10(12) of the said Ordinance, the appellants were required to file an amended application seeking leave to appear and defend. This was not done by the appellants.
2. The impugned judgment was passed by the learned Banking Court on the sole ground that an application under section 10(12) had not been filed. We find that this short ground is not legally tenable. The appellants, as noted above, had earlier filed an application under the Act of 1997. The learned Banking Court should have considered the contents of that earlier application and only if it had come to the conclusion that the same did not comply with the provisions of section 10(12), could it had dismissed the same.
3. Learned counsel for the respondent-Bank states that the said exercise can be done in this first appeal also. This no doubt is true. However, if we decide the matter and hold against the appellants, the appellants will be deprived of a right of appeal in the case.
4. In the foregoing circumstances, we would set aside the impugned judgment and decree, dated 13-12-2001 and remand the case to the learned Banking Court for decision afresh in line with the conclusions noted above. It should do the needful within sixty days. Since both the parties are represented, they are directed to appear before the learned Banking Court-I, Faisalabad, on 22-4- 2002.