Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-----S.19---Civil Procedure Code (V of 1908), O.XXI, R.84---Execution of decree---Re-auction of property---Obtaining illegal order from Court---Auction purchaser failed to pay the auction money and appellants being the second highest bidders applied Banking Court for deposit of auction money---Banking Court passed an order for deposit of auction money but objection was raised to such deposit of money and Banking Court allowed objection petition and ordered for resale of the property---Contention of appellants was that they, in compliance of Court's order, had made a deposit of the amount and should not be made to suffer---Validity---Executing Court had to follow the procedure provided in O.XXI, Rr.82 to 94 C.P.C.---Auction ¬purchaser having failed to deposit auction money, Banking Court would hold fresh auction of the property for satisfaction of the decrees, in accordance with law---Contention of the appellants had no substance as they themselves applied to the Court for making deposit ---If an illegal order was obtained from the Court on the application per invitum, no indefeasible right could be claimed by appellants on such basis---Sale in favour of appellants had thus rightly been cancelled---Appellants might also take part in re-auction and the amount already deposited by them (if they succeed in fresh auction) could be adjusted-or they might apply for the return of the same---Appeal was dismissed in circumstances. Multan Khan v. Cantonment Board, Nowshera through Cantonment Executive Officer, Nowshera and 4 others 1995 CLC 1297 and Messrs United Bank Ltd., Karachi v. Mst. Asma Zafarul Hassan 1980 CLC 565 distinguished. Feroze Din Faiz v. Chaman Lal and others PLD 1953 Lah. 83 and Manilal Mohanlal Shah and others v. Sayed Ahmed Sayed Mahmad and another AIR. 1954 SC 349 ref. Hudaybia Textile Mills Ltd. and others v. Allied Bank of Pakistan Ltd. and others PLD 1987 SC 512 and Afzal Maqsood Butt v. Banking Court No.2, Lahore and 8 others PLD 2005 SC 470 rel. ORDER SYED ZAHID HUSSAIN, J.---Order dated 17-7-2002 passed by the Banking Court-I, Lahore whereby the objection petition filed by…

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