Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------S. 19(3)---Civic Procedure Code (V of 1908), S.152--Amendment of decree---Mortgaged property, selling of---Banking Court decreed the suit in favour of plaintiff-bank and directed to publically auction mortgaged property and to deposit sale consideration in court---Plaint1ff-bank sought amendment of and decree on the ground that mortgaged property could be sold by bank directly---Validity---Plaintiff bank was empowered under S. 19(3) of Financial Institutions (Recovery of Finances) Ordinance, 2001, to sell mortgaged properties by public auction or by inviting sealed tenders and to appropriate the proceeds towards the total and partial satisfaction of decree with or without intervention of Banking court-Though decree provided for selling of mortgaged property by Court and depositing of its sale proceeds in Court but in view of provision of S. 19(3) of Financial Institutions (Recovery of Finances) Ordinance, 2001, plaintiff-bank could exercise its right---Plaintiff-bank did not need to obtain any order of Court or amendment in decree in that regard---Application was disposed of accordingly. ORDER GULZAR AHMED, J.---At the outset Mr. Syed Mazharul Haq has filed a statement along with a copy of agreement dated 12-10-2006 executed between the plaintiff and defendants whereby some compromise appears to have been made between them after passing of the decree. Mr. Nadeem Ahmed counsel for the plaintiff admits that such an agreement is made between the parties. The statement along with the copy of the agreement is taken on record. So far the application is concerned which is under section 152, C.P.C., the plaintiff has raised a grievance that the decree which has followed the judgment is not in accordance with the provisions of subsection (1) of section 19 of the Financial Institutions (Recovery of Finances) Ordinance 2001. The grievance of the plaintiff is that the decree provides for selling of the property by the Court and depositing its proceeds also in Court. Learned counsel states that subsection (3) of section 19 of the above Ordinance empowers the plaintiff to sell the mortgaged property…

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