Interpleader Application before Banking Court

IN THE LEARNED BANKING COURT, district

Interpleader Application No. _____ of year

bank_name, a bank_type, regarded through bank_officer_name, officer_designation ... Applicant

VERSUS

claimant_1_name, son/daughter of claimant_1_father, resident of claimant_1_address ... Respondent No. 1

AND

claimant_2_name, son/daughter of claimant_2_father, resident of claimant_2_address ... Respondent No. 2

INTERPLEADER APPLICATION UNDER ORDER XXXV CIVIL PROCEDURE CODE 1908

Respectfully submitted:

1. That this application is filed by the Applicant-Bank under Order XXXV of the Code of Civil Procedure 1908 read with the provisions of the Financial Institutions (Recovery of Finances) Ordinance 2001 seeking direction from this Honourable Court in respect of conflicting claims on a sum of money held by the Applicant.

2. That the Applicant is a bank_type engaged in the business of banking and financial services, and holds a sum of Rs. disputed_amount in Account No. account_number standing in the name of original_account_holder.

3. That the facts giving rise to this application are as follows: background_facts. The Applicant holds the said amount pending resolution of the conflicting claims.

4. That Respondent No. 1 (claimant_1_name) has filed a claim dated claim_1_date asserting that the amount belongs to him and is entitled to recovery on the ground that claimant_1_basis_of_claim.

5. That Respondent No. 2 (claimant_2_name) has separately filed a claim dated claim_2_date asserting that the amount rightfully belongs to her and is entitled to recovery on the ground that claimant_2_basis_of_claim.

6. That the Applicant-Bank has no personal interest whatsoever in the disputed sum and asserts that it is merely a stakeholder holding the funds on deposit. The Applicant is prepared to deposit the said sum with the Court or pay it over as this Honourable Court may direct after adjudication of the claims.

7. That the conflicting claims have created a situation where the Applicant faces the risk of double liability if it pays to one claimant and the other claimant subsequently succeeds in establishing his or her legal right. This situation falls squarely within the scope of Order XXXV CPC 1908.

8. That as per supporting documents, including supporting_documents, the two Respondents each claim to have a valid legal right to the disputed sum on the basis of legal_basis.

9. That no money or other property of the Applicant is in dispute. The sole issue is the determination of which of the two Respondents has the superior legal right to the deposit held by the Applicant.

10. That this Honourable Banking Court has jurisdiction under Order XXXV CPC 1908 to determine the rightful claimant and direct payment of the sum accordingly, thereby protecting the Applicant from liability while ensuring justice between the competing claimants.

PRAYER

It is, therefore, most respectfully prayed that this Honourable Court may be pleased to:

(a) Accept this interpleader application and direct both Respondents to establish their claims before this Court;

(b) After adjudication, declare which of the Respondents has the superior legal right to the sum of Rs. disputed_amount;

(c) Direct payment or deposit of the said sum in accordance with the determination of rightful ownership;

(d) Exempt the Applicant-Bank from any liability arising from the interpleader proceedings; and

(e) Pass such further or other order as this Honourable Court may deem just and proper in the circumstances of the case.

VERIFICATION

Verified on solemn affirmation at verification_place on this _____ day of _____, year, that the contents of the above application are true and correct to the best of my knowledge and belief, and nothing material has been concealed.

_____________________________ bank_officer_name officer_designation bank_name Through: _____________________________ counsel_name Advocate for the Applicant