Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-----Ss. 15, 19 & 22---Recovery suit was decreed against the -debtor and during execution proceedings property admittedly belonging to the -debtor was directed by the Banking Court to be auctioned---While terms and conditions of the auction were in the process of being settled -debtor filed objection petition challenging terms and conditions which was rejected by the Banking Court not only that application seeking postponement of the sale so as to enable -debtor to deposit the decretal amount was also turned down---Contention of the -debtor was that reserve price was not fixed by the Court nor the time and venue of the auction was determined by the Court and all these matters had been delegated to and left at the discretion of the Court auctioneer---Record, however, showed that in fact reserve price had been fixed and approved by the Court by an earlier order factum whereof was reflected from the order impugned and there was evidence on the record that venue of the auction was also fixed by the Court being at site---Only the date and time had not been fixed with exactitude---Validity---High Court, in appeal directed the Banking Court to fix the date and time of the auction and thereafter to proceed with auction proceedings in accordance with law and declined to pass any further order in this regard---Held, no provision existed in law which enabled the debtor to seek postponement of the auction of the property in order to satisfy the decree and there was nothing in law that impeded satisfaction of the decree by the -debtor in accordance with and subject to limitation provided by law. ORDER SHEIKH AZMAT SAEED, J.---This appeal is directed against the order, dated 14-2-2006 whereby the objections filed by petitioners were dismissed. Grievance is also being raised through this appeal against the subsequent order, dated 28-2-2006 also passed by the Banking Court, Faisalabad. 2. Facts in brief giving rise to this E.F.A. are that respondent-Bank filed a recovery suit against the appellants which was decreed, whereafter execution proceedings commenced. During course of the execution proceedings,…

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