Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------S. 19---Civil Procedure Code (V of 1908), O.XXI, Rr. 66 & 92---Suit for recovery---Execution of decree---Auction of mortgaged property---Auction-purchaser, rights of---Suit was decreed thereafter mortgaged property was put to auction which was purchased by the respondent---Contention of the appellant/ debtor was that after fresh evaluation of the mortgaged property a fresh proclamation had to be issued and re-advertised in terms of provisions of O.XXI, R.66, C.P.C. and further that the mortgaged property had been auctioned at a throwaway price---Validity---No such plea was raised by appellant before Trial Court and he was present on each date before Trial Court during execution proceedings---No fresh notice under O.XXI, R.66, C.P.C. was required to be served when the fresh evaluation had taken place at the request of the appellant/ debtor and when he was in knowledge about the auction-purchaser's offer---Last assessment of value of mortgaged property was made through an evaluator appointed by the court and the property was sold at the determined "forced sale" value---Respondent auction-purchaser had acquired valuable rights in the mortgaged property which could not be disturbed or recalled at present stage at behest of the appellant/ debtor---Appeal was dismissed in circumstances. ORDER FAROOQ ALI CHANNA, J.---This first appeal calls in question an order dated 16-6-2012 passed by the learned Presiding Officer Banking Court No.IV, Karachi in Execution No.1 of 2011 for satisfaction of decree passed in Suit No.526 of 2009 (United Bank Limited v. Mukhtiar Ahmed), whereby the trial Court has accepted and confirmed the bid within the meaning of Order XXI, Rule 92, C.P.C. in the sum of Rs.21,200,000 (Rupees twenty one million two hundred only) offered by the respondent No.2 through her representative for purchase of mortgaged property of appellant bearing Plot No.86, Block Nos.7 and 8, measuring 500 sq. yds., situated at Karachi Co-operative Housing Society Limited Karachi, in open auction held by the trial Court on 14-3-2012. 2. The relevant facts of the case are that the respondent No.1…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492