Cost of funds is according to State Bank Fixed Cost

Citation Name : 2007 CLD 1639 KARACHI-HIGH-COURT-SINDH

Side Appellant : KASB BANK LIMITED

Side Opponent : ABDIJL QADIR JANGDA

—Ss.3(3) & 9—Recovery of Bank loan—Cost of funds—Proof—Interim decree was passed against defendant on the basis of his admission made in application for leave to defend—Bank sought final decree and claimed inclusion of cost of funds in the decree passed against defendant—Plea raised by defendant was that without. determination of date of default, cost of funds could not be included in the decree—Validity—When date of default was not disputed formal determination was not necessary and admitted date of default could be taken as date of default—Interim decree though was passed but it was not complied with thus the same could be taken as admitted date of default—State Bank of Pakistan had fixed cost of funds at 6.44%—High Court decreed the suit against defendant including the cost of funds at the rate of 6.44% from the date of interim decree—Suit was decreed accordingly.