Law:

Section:

Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997)-------S. 16---Civil Procedure Code (V of 1908), O. XXI, R. 58---Execution of decree obtained by Bank against debtor--- Objection petition--- Objector a Modaraba Company seeking possession of leased machinery lying in factory of debtor on basis of money decree obtained from Modaraba Tribunal after getting permission to sell same without intervention of Tribunal---Objector claimed to have made payments of Letters of Credit opened by debtor for importing such machinery---Validity---Agreement and mortgage deeds produced by Bank did not mention/specific description of machinery claimed by objector---­Objector had produced cheques to prove payments made against Letters of Credits opened by debtor for importing such machinery---Judgment of Modaraba Tribunal had attained finality for not challenged in appeal by debtor---Plaint in suit filed by objector in Modaraba Tribunal disclosed details of machinery imported by debtor and lease agreement executed in favour of objector for such machinery---Bank had failed to prove any lien/charge over such machinery, which belonged to the objector---High Court accepted objection petition in circumstances. ORDER SYED HASAN AZHAR RIZVI, J.---C.M.A. No.2285 of 2001 has been filed by applicant/objector B.R.R. International Modarba under Order XXI, Rule 58 read with section 16 of Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997 and read with section 151, C.P.C. with the prayer that the applicant may be allowed to take possession of the leased machinery lying in the factory of judgment debtor Messrs Nusrat Textile Mills Ltd. and also directions to the Official Assignee to release the said machinery. The application is duly supported by affidavit of Major (Retd.) Owais Hasan, Manager Recoveries of applicant B.R.R. International Modarba. I have heard Mr. Shahab Sarki learned counsel for the objector and Mr. Naveedul Haq, learned counsel for the Decree Holder. Mr. Shahab Sarki advocate for the objector contended that the applicant and judgment-debtors entered into a machinery lease agreement dated 15-6-1993 and codicil to the…

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