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ACT XV OF 1991 ACT XV OF 1997 BANKING COMPANIES (RECOVERY OF LOANS, ADVANCES, CREDITS AND FINANCES) ACT, 1997 An Act to repeal, and with certain modifications to consolidate and re‑enact the Banking Companies (Recover, of Loans) Ordinance, 1979 and the Banking Tribunals Ordinance, 1984 [Gazette of Pakistan, Extraordinary, Part I, 2nd June, 19971 No.F.9(19)/97‑Legis., dated 2‑6‑1997.‑‑The following Act of Majlis‑e 3hoora (Parliament) received the assent of the President on the 31st May, 1997 s hereby published for general information: Whereas it is expedient further to repeal and with certain modifications to consolidate and re‑enact the Banking Companies (Recovery of Loans) Ordinance, 1979 (XIX of 19,79) and the Banking Tribunals Ordinance, 1984 (LVIII of 1984); It is hereby enacted as under:‑‑ 7. Powers of Banking Courts.‑‑(1) Subject to the provisions of this Act, a Banking Court shall‑‑‑ (a) in the exercise of its civil jurisdiction have all the powers vested in a Civil Court under the Code of Civil Procedure, 1908 (Act V of 1908); (b) in the exercise of its criminal jurisdiction, try offences punishable under this Act and shall, for this purpose, have the same powers as are vested in a Court of Session under the Code of Criminal Procedure, 1898 (Act V of 1898): Provided that a Banking Court shall not take cognizance of any offence punishable under this Act except upon a complaint in writing made by a person authorised in this behalf by the banking company in respect of which the offence was committed. (2) A Banking Court shall in all matters with respect to which the procedure has not been provided for in this Act, follow the procedure laid down in the Code of Civil Procedure, 1908 (Act V of 1908), and the Code of Criminal Procedure, 1898 (Act V of 1898). (3) All proceedings before a Banking Court shall be deemed to be ,judicial proceedings within the meaning of sections 193 and 228 of the Pakistan Penal Code (Act XLV of 1860), and a Banking Court shall be deemed to be a Court for purposes of the Code of Criminal Procedure, 1898 (Act V of 1898). (4) Subject to subsection (5) no Court other than a Banking Court shall have or exercise any jurisdiction with respect to any matter to which the jurisdiction of a Banking Court extends under this Act, including a decision as to 'he existence or otherwise of a loan or finance and the execution of a decree Passed by a Banking Court. (5) Nothing in subsection (40 shall be deemed to affect‑‑‑ (a) the right of a banking company to seek any remedy before any Court or otherwise that may be available to it under the law by which the banking company may have been established; or (b) the power of the banking company or jurisdiction of any Court such as is referred to in clause (a); or require the transfer to a Banking Court of any proceedings pending before any banking company or such Court immediately before coming into force of this Act. . (6) All proceedings, including proceedings following the filing of an arbitration award and proceedings for the execution of a decree within the jurisdiction of a Banking Court, pending in any Special Court constituted under the Banking Companies (Recovery of Loans) Ordinance, 1979 (XIX of 1979), or under the Banking Companies (Recovery of Loans, Advances, Credits or Finances) Ordinance, 1997 (XXV of 1997), or any Banking Tribunal Linder the Banking Tribunals Act, 1984 (LVIII of 1984), or any other Court including a High Court shall stand transferred to or be deemed to be transferred to the Banking Court having jurisdiction, On transfer of proceedings under this subsection, a Banking Court shall require the attendance of the parties through notices issued in accordance with the procedure for service of summons or notice laid down in subsection (3) of section 9. (7) In respect of proceedings transferred to a Banking Court under subsection (6) the Banking Court shall proceed from the stage which the proceedings had reached immediately prior to the transfer and shall not be bound to recall and re‑hear any witness and may act on the evidence already recorded or produced before the Court or Tribunal from which the proceedings were transferred.