Law:

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Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss. 15 & 19---Civil Procedure Code (V of 1908), O.XXI, R.89---Sale without intervention of court---Objection petition---Deposit of 5% of auction price---Objectors claimed to have ex parte decree in their favour and filed objection petition against sale of shop in question by bank without intervention of court---Plea raised by objectors was that they had deposited 5% of auction price---Validity---Objection application for setting aside of sale on the ground of deposit of 5% of auction price as envisaged by O.XXI, Rule 89, C.P.C. was only entertainable by Executing Court when sale of immovable property had taken place in execution of decree---Application moved by objectors by invoking provisions of O.XXI, Rule 89, C.P.C. was incompetent---Objectors could not claim setting aside of auction/sale completed in favour of auction purchaser merely on the ground that they had deposited 5% of auction price before Banking Court unless some illegality was established or pointed out in effecting of auction or of the sale in favour of auction purchaser---Order passed by Banking Court was unexceptionable and the same did not call for any interference by High Court---Appeal was dismissed, in circumstances. JUDGMENT NASIR SAEED SHEIKH, J.---The appellants have assailed the order dated 29-4-2008, passed by the learned Judge Banking Court, Sargodha, whereby an objection application moved under Order XXI, Rule 89 of C.P.C. by the appellant has been dismissed. 2. Brief facts of the case are that property subject-mater of the instant appeal comprising a shop situated in a portion of 200 sq. ft., situated in Mandi Sillanwali, Tehsil Sillanwali, district Sargodha, situated in Khasra No.6887/110-111 was owned by the respondents Nos.3 to 6 who transferred this shop in favour of Mst. Parveen Akhtar through a sale deed dated 23-4-2003. The said Mst. Parveen Akhtar mortgaged this property to Bank of Punjab, Sillanwali Branch as security for the loan of Rs.50,000 obtained by Hafiz Muhammad Ismail the respondent No.1 through ordinary mortgage dated 23-11-2004. Another loan of Rs.2,95,000 was also secured against…

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