1222/1999 Suit National Bank of Pakistan and another (Plaintiff) V/S Northern Polyethyleneand others (Defendant)

1222/1999 Suit National Bank of Pakistan and another (Plaintiff) V/S Northern Polyethyleneand others (Defendant) Sindh High Court

Bench: Hon'ble Mr. Justice Nazar Akbar Order Date: 05-DEC-13

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 10, 14 & 19---Civil Procedure Code (V of 1908), S.151 & O.XXIII, Rr. 1 & 2--- Suit for recovery---Withdrawal and adjustment of suits---Enforcement of Memorandum of Understanding (MOU) between plaintiff and defendant; signed after the dismissal of defendant's application for leave to defend---Effect---Suit for recovery was decreed after dismissal of defendant's application for leave to defend on 25-8-2004---Defendant through present application under S.151, C.P.C. read with O.XXIII, Rr.1 & 2; and S.14 of the Financial Institutions (Recovery of Finances) Ordinance 2001 sought enforcement/settlement of the suit through MOU dated 13-8-2007 between the plaintiff and the defendant---Validity---Defendant had no right of audience in the suit with effect from 25-8-2004 when leave to defend application was dismissed---Legal position was that the proceedings had been finally concluded in terms of S.10(11) of the Financial Institutions (Recovery of Finances) Ordinance, 2001---Suit would now proceed in terms S.19 of the Ordinance and the Court would treat proceedings as execution proceedings in accordance with S.19 of the Ordinance---Defendant could file whatever objections it wished once said proceedings for execution were started---Application was dismissed, in circumstances.