Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss. 19 & 22---Execution proceedings---Auction of mortgaged property---Dismissal of objection petition for non-prosecution and confirmation of auction by Banking Court---Appeal against impugned order---Judgment-debtor's plea supported by affidavit to the effect that on crucial date, junior of his counsel appeared before court and requested for an adjournment, but his presence was not marked and objection petition was decided in absence of appellant and his counsel---Validity---Decree-holder had not filed counter-affidavit to rebut such affidavit of -debtor---High Court accepted such affidavit of -debtor, meaning thereby that he was represented by another counsel on crucial date, thus, Banking Court could not proceed against him---Petition contained objection against auction conducted by Auctioneer, decision whereof was necessary---Judgment-debtor on technical ground could not be deprived of an opportunity to represent his case before Banking Court---High Court set aside impugned order and directed Banking Court to decide objection petition within specified time. JUDGMNET ATTAULLAH KHAN, J.--- This appeal filed by the appellant Sheikh Salahuddin under section 22 of the Financial Institution (Recovery of Finances) Ordinance 2001 is directed against the order dated 16-2-2006 passed by the learned Judge, Banking Court-II Camp at D.I. Khan vide which the objection petition of the appellant was dismissed in default and the auction of the mortgage property was confirmed. 2. Briefly stated the facts are that the respondent-Bank filed a suit for recovery of Rs.3,63,705 due against the appellant as financial facility availed by him on credit basis and to that effect an agreement was executed between the parties, according to which the appellant promised to pay the purchase price including mark-up and in case of failure to deposit the amount, the Bank was declared to be entitled to demand immediately the entire amount due. Since the appellant committed default for five monthly instalments, therefore, the Bank demanded the entire amount in lump sum. To secure, a mortgage deed was also executed…

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