13
Disposal of suit
Act: Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act 1997
Section Provisions
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:‑‑ 13. Disposal of suit.‑‑(1) A suit in which leave to defend has been Siwited to the defendant shall be disposed of within ninety days from the day on which leave was granted and in case proceedings continue beyond the said period the defendant may be required to furnish security in such amount as the Banking Court deems fit and on the failure of the defendant to furnish such security, the Banking Court shall pass an interim or final decree in such amount as it may deem appropriate. (2) The requirement of furnishing security under subsection (1) shall be dispensed with if, in the opinion of the Banking Court, the delay is not attributable to the conduct of the defendant. (3) Suits before a Banking Court shall come up for regular hearing as expeditiously as possible and except in extraordinary circumstances and for reasons to be recorded, a Banking Court shall not allow adjournments for more than seven days.