8
Judgment and decree
Act: Banking Companies (Recovery of Loans) Ordinance 1979
Section Provisions
ORDINANCE XIX OF 1979 ORDINANCE XIX OF 1979 BANKING COMPANIES (RECOVERY OF LOANS) ORDINANCE, 1979 An Ordinance to repeat and with certain modifications, re‑Enact the Banking Companies (Recovery of Loans) Ordinance, 1978 [Gazette of Pakistan,, Extraordinary, Fart i, 27th March 1979] No. F.17 (1)/79‑Pub.‑The following Ordinance made by the President is hereby published for general information :‑ 8. Judgment and decree.‑(1) A Special Court shall, after the case has been heard, pronounce judgment as early as practicable, and on such judg ment a decree shall follow forthwith. (2) The decree shall provide for interest on the judgment debt from the date of decree till payment at the contracted rate or at the rate of two per cent. above the bank rate, whichever is the higher. Explanation.‑In this subsection "bank rate" means the bank rate deter mined and made public under the provisions of the State Bank of Pakistan Act, 1956 (XXXIII of 1956). (3) The Special Court shall, on the application of the decree‑holder forthwith order execution of the decree as arrears of land revenue or such other. manner as it may deem fit.