Law:

Section:

MUHAMMAD SAJID MEHMOOD SETHI, J.- Through this appeal, the order dated 01.12.2015, passed by learned Single Judge of this Court, in Ex. A. No.18-B of 2013 titled MCB Bank Limited v. M/s. Jaguar (Pvt.) Ltd., etc., has been assailed, whereby the post-sale objection petition filed by the appellants, was dismissed. 2. Brief facts of the case are that respondent bank filed a recovery suit against the appellants and respondents No.2 & 4 to 8, wherein an interim decree dated 07.03.2013 was passed. Respondent No.1 initiated execution proceedings through Execution Petition No.18 B/13. Learned Executing Court approved the proclamation/schedule of auction sale vide order dated 12.06.2015. In consequence thereof, the properties of appellants were ordered to be auctioned. The appellants submitted objections (pre-auction) by filing C. M. No.765 B/2015 against the proposed auction sale and alleged innumerable illegalities, irregularities and procedural lapses, which allegedly on the face of record, constitute violations of mandatory requirements of law and reason to cause substantial injury to the appellants. Learned Executing Court proceeded to pass the order that the auction shall be subject to the fate of decision of this application and option was given to the appellants to bring a buyer before this Court before the approval of the sale, to match the reserve price mentioned in the auction schedule. Pursuant to the aforesaid order, the auction was conducted on 31.08.2015 and 01.09.2015. Subsequent to the said auction, the appellants filed objection petitions (post-auction sale) bearing C. M. No.942-B/15, 943-B/15, 944-B/15 and 945-B/15, under Section 19 (7) of the Financial Institutions (Recovery of Finances) Ordinance ("FIO"), 2001, read with Order XXI Rule 90 of the Code of Civil Procedure, 1908 ("CPC"). The said objection petitions were heard and dismissed vide order dated 01.12.2015, which has been impugned through the instant appeal. On 19.01.2016, case was partly argued and learned counsel for the appellants was confronted with proviso to Rule 90 of Order XXI CPC, for deposit of 20 % of the auction amount for entertaining the appeal and for grant of interim…

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