Recover Suit

BEFORE THE BANKING COURT, GUJRANWALA CAMP AT SIALKOT
Suit No.________/2009
Allied Bank Limited, a banking company incorporated under the

laws of Pakistan having its registered office at 8-Kashmir/Egerton
Road, Lahore, a branch office at Adda Nandi Pur, Distt. Sialkot and
SAM branch at 6th floor, Salaar Centre, New Garden Town, Lahore
acting through Mr._______, Branch Manager and Mr. Muhammad
Rasheed, Area Manager-II, SAM branch, Lahore, which are duly
authorized and empowered representatives of the Bank.
Plaintiff
Versus
Mr. Abdul Aziz S/O Akbar Ali R/O Village & Post Office
Kakhanwali, Tehsil Pasrur, Distt Sialkot.
(Defendant)
SUIT UNDER SECTION 9 OF THE FINANCIAL

INSTITUTIONS (RECOVERY OF FINANCES) ORDINANCE
2001 FOR RECOVERY OF Rs. 331,785/-(THREE LAC THIRTY
ONE THOUSAND SEVEN HUNDRED AND EIGHTY FIVE
ONLY) ALONG WITH MARK UP, EXPENSES, CHARGES,
COSTS AND COSTS OF FUND TILL REALIZATION
THROUGH SALE OF MORTGAGED PROPERTY AND
OTHER MOVABLE AND IMMOVABLE ASSETS
Respectfully Sheweth:
1. That the plaintiff is a banking company and a financial institution

within the meaning and scope of section 2(a) (1) of the Financial
Institutions (Recovery of Finances) Ordinance, 2001. Mr.______
, Branch Manager, Allied Bank Limited, Adda Nandi Pur, Distt.
Sialkot and Mr. Muhammad Rasheed, Area Manager-II, Allied Bank
Limited, SAM branch Salaar Centre, New Garden Town, Lahore have
complete knowledge and are fully conversant with facts of this case
and are duly authorized and competent in terms of sec 9 of the
Financial Institutions (Recovery of Finances) Ordinance, 2001 to
institute this suit, to sign and verify the plaint/pleadings; and to do all
other acts, deeds things which are necessary and/or incidental thereto
in this behalf and/or in connection with the furtherance and pursuance
of this suit for recovery of bank’s dues. The Power of Attorneys duly
authorizing the Branch Manager and the Area Manager are attached as
Annex-A and B.
2. That the Defendant No.1 is the principal

debtor/obligor/Mortgagor/Guarantor of the finance. Thus he is the
customer within the meaning and scope of section 2(c) of The
Financial Institution (Recovery of Finance) Ordinance 2001.
3. That the customer opened an account with the plaintiff bank and
applied for Finance Facility by way of production loan in terms of the
plaintiff’s Agri. Loans facility (request annexure ---).
4. That considering the request of the defendant, the plaintiff

sanctioned/granted the finance facility to the defendant vide sanction
advice # ROS/CAD/OL-035/2005/414 dated 18/01/2005 (annexure
---), as per the following details:
Agriculture Loan
Name of Client: Abdul Aziz S/O Akbar Ali

Business Address: Village Kakhanwali, Tehsil Pasrur
Distt. Sialkot
Nature of Facility: Agri Production Finance.
Amount of Limit: Rs.300, 000/-
Purpose of Limit: Production Loan
SECURITIES
1. Bank’s charge on Agri. Land measuring 127-k 16-M as

detailed in Agri Pass Book bearing No. A-594027, owned by
Mr. Abul Aziz s/o Akber Ali situated in the revenue estate
of Village Kakhanwali, Tehsil Pasrur, Distt Sialkot, worth
Rs 1.955(M) as per average sale mutation value.
2. Personal Guarantee of the owner of property
MARK UP: 10% P.A, Default Rate of Mark-Up: 12%

DATE OF EXPIRY: 12/01/2008
DATE OF FINAL ADJUSTMENT: 12/01/2008.
5. That in acknowledgment and as a security of the above said Finance

Facility the Defendant/Mortgagor/Guarantor executed/tendered and
submitted with plaintiff bank inter alia the following documents:
a. Finance agreement cum-guarantee Annex ‘C’
b. Promissory note Annex ‘D’
c. Copy of Nakal Intekal bearing mutation no.493. Annex
‘E’
d. Agriculture Pass Book No. 594027 containg detail of the
property of the defendant and also showing incorporation
of mutation for mortgage interst of the plaintiff bank
bearing no.------for loan of Rs. 300,000/- plus mark up in
favour of ABL. Annex ‘F’
6. That the defendant duly created mortgage interest of the bank on his
personal property comprising in KHEWAT No. 67, measuring 127-K,
16-M situated at village Kakhanwali, Tehsil Pasrur, Distt. Sialkot in
favour of the plaintiff bank and the factum of bank’s said mortgage
interest was duly incorporated in the above said Agri. Pass Book by
way of accomplishment of “Zer Bargi Certificate” which is evident
from the incorporation of Mutation for Mortgage bearing No ------
for Rs.300,000/- alongwith mark up. The respective charge creation
certificate was also completed in this behalf.
7. That the detail of amount of Finance Facility as required under section

9(3) is as under:
I. a. Amount of finance availed by defendant: Rs. 300,000/-

b. Amount Paid by defendant: NIL
c. Net present outstanding: Rs. 300,000/-
II. a. Amount of Mark-Up Charged: Rs. 61,651/-

(Recoverable Till Exp 12/01/08)
b. Amount Paid towards Mark up Rs.30,866/-
c. Net Mark-up outstanding Rs. 30,785/-
III. a. Amount of other charges Rs. 1000/-

(Legal Charges)
b. Amount paid towards other charges. NIL
c. Net outstanding amount of other charges: Rs. 1000/-
Sum total of above outstanding I, II and III: Rs. 331,785/-

For details of entire amount, statement of account has been annexed as
Annexure ‘G’ which is requested to be read as an integral part of this
Para.
8. That the defendant executed/created the securities and fully availed

and utilized the facility, however he had miserably failed and
defaulted in repayment of the finance in accordance with the agreed
arrangements, terms of sanction and the documents executed by him
in this behalf.
9. That upon failure of repayment as per sanction advice and agreement

by the Defendant/Mortgagor/Guarantor, the plaintiff bank made
personal contacts with him who made promises for repayment but
failed to honour his commitments. In this regard, the plaintiff sent
notice/demand notice but all in vain. Thereupon the Defendant served
Legal Notice dated 28/08/2008 and 15/01/2009(Annex H& I) calling
him to repay the outstanding amount of the plaintiff which again
despite received by the defendant, he failed to discharge his legal and
contractual obligations to make payment. As per the terms and
conditions of sanction advice and agreement he had committed breach
of terms and conditions of finance agreement, hence this suit.
10. That the plaintiff has suffered loss at the hands of the defendants due
to his non-fulfillment of contractual obligations according to the
agreed terms and conditions. Therefore, the plaintiff Bank is entitled
to claim the Mark Up, Charges, Commissions, Service charges, cost
incurred thereof and costs of funds.
11. That the cause of action against Defendant/Mortgagor arose firstly

from availing finance, secondly on his failure to abide by the terms
and conditions and finally a few days ago when he finally refused to
repay the outstanding amount, and is still continuing.
12. That the parties reside in District Sialkot and cause of action also
arose at District Sialkot and this Learned Court Gujranwala created
under the special provisions of Law having a camp office at Sialkot
has the exclusive jurisdiction to adjudicate upon this matter and
determine this suit.
13. That the value of the suit for the purpose of court fee and jurisdiction
is Rs. 331,785/-(Three Lac Thirty One Thousand Seven Hundred and
eighty Five only) and the requisite court fee has been fixed with this
plaint.
PRAYER
It is therefore, most respectfully prayed that:

a. A decree may kindly be passed/awarded in favour of the plaintiff
Bank and against the defendant for recovery of Rs.331,785/-
alongwith the expenses, charges, costs of suit and the costs of funds
from the date of expiry till final realization of the decretal amount
with the order of recovery of the said amount through the sale of the
mortgage property;
b. The mortgaged property, the personal assets/properties of the

defendant may kindly be ordered to be sold for satisfaction of the
decree passed in favour of the plaintiff.
c. In case the sale proceeds fall short of the decretal amount then the
decree may be ordered to be satisfied by attachment and sale of
other assets and properties of the defendants and by way of arrest
and detention of the defendants.
d. The costs of the suit and the costs may also be granted.
e. Any other relief to which the plaintiff bank be found entitled as per
law, justice and equity or this Learned Court may deem fit and
appropriate in the circumstances of the case, may also be granted to
the plaintiff.
Plaintiff/Bank
Through
Muhammad Raza
Advocate High Court
Javaid Mehdi Law Chambers
205- District courts,
Sialkot.
VERIFICATION
Verified on oath at Sialkot, this ---day of----, 2009 that the contents of the
Para no. --- to -- are true and correct to the best of my knowledge as per
bank record, maintained by the bank and is still in the custody of the bank
and from Para --- to -- to the best of my information provided to me in this
respect which I believe to be true and correct.

Recover Suit

Uploaded by

Copyright:

Available Formats

Recover Suit

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Recover Suit

Uploaded by

Copyright:

Available Formats

BEFORE THE BANKING COURT, GUJRANWALA CAMP AT SIALKOT

Allied Bank Limited, a banking company incorporated under the

SUIT UNDER SECTION 9 OF THE FINANCIAL

1. That the plaintiff is a banking company and a financial institution

2. That the Defendant No.1 is the principal

4. That considering the request of the defendant, the plaintiff

Name of Client: Abdul Aziz S/O Akbar Ali

Purpose of Limit: Production Loan

1. Bank’s charge on Agri. Land measuring 127-k 16-M as

2. Personal Guarantee of the owner of property

MARK UP: 10% P.A, Default Rate of Mark-Up: 12%

DATE OF FINAL ADJUSTMENT: 12/01/2008.

5. That in acknowledgment and as a security of the above said Finance

7. That the detail of amount of Finance Facility as required under section

I. a. Amount of finance availed by defendant: Rs. 300,000/-

II. a. Amount of Mark-Up Charged: Rs. 61,651/-

b. Amount Paid towards Mark up Rs.30,866/-

c. Net Mark-up outstanding Rs. 30,785/-

III. a. Amount of other charges Rs. 1000/-

b. Amount paid towards other charges. NIL

c. Net outstanding amount of other charges: Rs. 1000/-

Sum total of above outstanding I, II and III: Rs. 331,785/-

8. That the defendant executed/created the securities and fully availed

9. That upon failure of repayment as per sanction advice and agreement

11. That the cause of action against Defendant/Mortgagor arose firstly

It is therefore, most respectfully prayed that:

b. The mortgaged property, the personal assets/properties of the

You might also like