Banking court suit
بینکنگ کورٹ کا دعویٰ
Banking
A banking court suit is a case filed in a Banking Court by a bank or financial institution to recover money lent, or by a customer against a bank.
What does Banking court suit mean in plain words?
Loans from banks and financial institutions are recovered through special Banking Courts, because the Ordinance overrides other laws. The bank files a plaint verified on oath with a certified statement of account. The bank can also sell mortgaged property itself after notices, and the Banking Court can order it as well.
When will I hear Banking court suit?
The bank filed a recovery suit in the Banking Court against the defaulting borrower.
Which law covers Banking court suit?
Section 9, Financial Institutions (Recovery of Finances) Ordinance 2001