Default in payment of finance
Default in payment of finance legal meaning, translation and judicial precedents.
Meaning & Judicial Interpretation: (اردو مفہوم اور قانونی تشریح)
Provisions of S.20 of Financial Institutions (Recovery of Finances) Ordinance, 2001, relating to certain offences, would be enforced by a Financial Institution against a person, who dishonestly committed a breach of terms of security documents to his advantage; and to the detriment of the Financial Institution; or who made fraudulent misrepresentation or committed a breach of an obligation; or representation made to a financial institution on the basis of which, the financial institution had granted a finance etc.
Respondents who had allegedly committed default in payment of finance; would not fall in any of the contingencies available in S.20 of Financial Institutions (Recovery of Finances) Ordinance, 2001
Criminal complaints preferred by Bank against the respondents, were misconceived, in circumstances
Impugned order which was passed by the Banking Court in criminal case was just and proper and required no interference by High Court
Proper remedy which was available to the bank was under S.9 of Financial Institutions (Recovery of Finances) Ordinance, 2001 which provided for institution of banking suit by bank against person who committed default in repayment of loan/finance.
"Default in payment of finance", Pakistan Law Portal, available at: https://paklawportal.com/words-terms-maxims/124932455
Precedents & Case Laws citing "Default in payment of finance"
2011 CLD 1013
NATIONAL BANK OF PAKISTAN through Attorney — Appellant Versus SANAULLAH and others — Respondents
Court: Karachi2009 C L D 1483
MUSLIM COMMERCIAL BANK LTD. through Attorney — Petitioner Versus DEWAN SALMAN FIBRE LIMITED and others — Respondents
Court: Islamabad2009 C L D 346
INDUSTRIAL DEVELOPMENT BANK OF PAKISTAN — Appellant Versus MUHAMMAD AYUB and 4 others — Respondents
Court: Karachi2023 C L D 491
MCB BANK LIMITED — Plaintiff Versus TANVEER SPINNING AND WEAVING MILLS and others — Defendants
Court: Lahore2021 C L D 1112
NATIONAL BANK OF PAKISTAN — Plaintiff Versus Messrs KOHINOOR SPINNING MILLS and others — Defendants
Court: Lahore2023 C L D 554
Rana MUHAMMAD AUSAF — Appellant Versus HOUSE BUILDING FINANCE COMPANY LIMITED — Respondent
Court: Lahore (Multan Bench)2004 C L D 1117
HABIB BANK LIMITED‑‑‑ Petitioner Versus SERVICE FABRICS LTD. and others‑‑‑Respondents
Court: Lahore2012 C L D 1819
BANK OF PUNJAB through Executive Vice-President — Plaintiff Versus Messrs ACRO SPINNING AND WEAVING MILLS LTD. through Chief Executive and 16 others — Defendants
Court: Lahore2012 C L D 1670
TRYCOT SYNTHETIC FIBRE COMPANY through Proprietor and another — Appellants Versus HABIB BANK LIMITED — Respondent
Court: Sindh2013 C L D 439
MEEZAN BANK LIMITED — Plaintiff Versus WAPDA FIRST SUKUK COMPANY LIMITED through Chief Executive Officer and 2 others — Defendants
Court: Sindh