| Citation(s) |
|---|
| 2014 SLG 1315 2014 SLD 1315 2014 PLD 283 |
Supreme Court of Pakistan
Civil Appeals Nos.146, 204 to 254, 289 to 303, 505 to 534,1147 and 1148 of 2009, 690 of 2010 and 391-L to 408-L of2009, decision dated: 10-12-2013.hearing DATE : 23rd,25-04-2013
IFTIKHAR MUHAMMAD CHAUDHRY, C.J., GULZAR AHMED AND SH. AZMAT SAEED, JJ
Muhammad Akram Sheikh, Senior Advocate Supreme Court, Naseer-ud-Din Nayyer, Advocate Supreme Court assisted by Barrister Sajeel Shehryar, Hassan Murtaza Mann, Syed Riaz Hussain and Syed Faraz Raza, Advocates for Appellants (in C.As. 146, 204-254, 289-302,
Civil Appeals Nos.146, 204 to 254, 289 to 303, 505 to 534,1147 and 1148 of 2009, 690 of 2010 and 391-L to 408-L of2009, decision dated: 10-12-2013.hearing DATE : 23rd,25-04-2013
IFTIKHAR MUHAMMAD CHAUDHRY, C.J., GULZAR AHMED AND SH. AZMAT SAEED, JJ
Muhammad Akram Sheikh, Senior Advocate Supreme Court, Naseer-ud-Din Nayyer, Advocate Supreme Court assisted by Barrister Sajeel Shehryar, Hassan Murtaza Mann, Syed Riaz Hussain and Syed Faraz Raza, Advocates for Appellants (in C.As. 146, 204-254, 289-302,
NATIONAL BANK OF PAKISTAN and 117 others
VS
SAF TEXTILE MILLS LTD. and another
Law:
Section:
(a) Civil Procedure Code (V of 1908)----O. XXI, Rr. 66 & 90---Execution of decree---Sale of debtor's/mortgagee's immovable property by auction---Procedure---Right of debtor/mortgagee---Free, fair and transparent sale---"Best possible price"---Even if a liability had been determined by a decree of the court, the mortgagee/debtor was not deluded of all his civil rights including with regard to the modes and methods of recovery through the sale of mortgaged property---Right of such debtor to ensure that the mortgaged property was sold in a free, fair and transparent manner so as to fetch the best possible price was a well-recognized principle of law. Mir Wali Khan v. Agricultural Development Bank of Pakistan, Muzaffargarh and another PLD 2003 SC 500 ref. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S. 15---Constitution of Pakistan, Arts.3, 10A & 24---Civil Procedure Code (V of 1908), O.XXI, Rr.66, 72(1) & 90---Vires of S.15 of the Financial Institutions (Recovery of Finances Ordinance, 2001---Sale of mortgaged property by Financial Institution under S.15 of Financial Institutions (Recovery of Finances) Ordinance, 2001 without intervention of the court---Constitutionality---Mortgagor having no remedy to object to or to ensure a fair and transparent sale by the Financial Institution---Sale by auction without a "reserve price"---Effect---By virtue of S.15(4) of Financial Institutions (Recovery of Finances) Ordinance, 2001, a Financial Institution had been authorized to sell a particular mortgaged property without intervention of the court---After the sale had taken place (real or fictitious), a sale deed in respect of the property was to be executed by a Financial Institution, which was authorized in such behalf by virtue of S.15(7) of Financial Institutions (Recovery of Finances) Ordinance, 2001---Upon the registration of sale deed, all rights, title and interest of the mortgagor/debtor in the mortgaged property stood extinguished and such property vested in the purchaser free from all encumbrances, as provided by S.15(8) of Financial Institutions (Recovery of Finances) Ordinance, 2001, where after the Financial…
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