Bank­ing Court de­clared fine over late pay­ment il­le­gal

The Pak Banker - - NATIONAL -

Bank­ing Court has de­clared fine over late pay­ment of in­stall­ment and or­dered NIB Bank to hand over a cus­tomer orig­i­nal doc­u­ments and NOC.

Muham­mad Sadique, a res­i­dent of Mozang had moved bank­ing court as NIB Bank had re­fused him to is­sue him orig­i­nal doc­u­ments and NOC of his leased Tay­ota Crola XLI de­spite he had paid the prin­ci­pal amount. Bank­ing court judge Muham­mad Khalid An­war de­cid­ing a case said that fine over in­stall­ment is il­le­gal as the bank has re­ceived prin­ci­ple amount ac­cord­ing to the agree­ment and thus the bank has no right to force­fully re­ceive fine over late in­stall­ments./ court or­der bank to im­me­di­ately hand over cus­tomer orig­i­nal doc­u­ment and NOC.

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