Law: Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)

Section: 19,19(4)

Law: Limitation Act, 1908

Section: 181,166

Law: Civil Procedure Code (V of 1908)

Section: O.XXI,Rr.66,90,67,68,89

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S. 19---Civil Procedure Code (V of 1908), O. XXI, Rr. 66, 90,67, 68 & 89---Execution of decree---Sale/auction of property---Non-mentioning of "reserve price"---Issuing of proclamation---Setting aside of auction/sale on ground of material irregularity and fraud---Non-compliance of provisions of mandatory O. XXI, Rr. 66, 67 & 68 of C.P.C.---Effect---Scrutiny of process of auction by the Executing Court; inherent jurisdiction of---Process of sale of properties in execution proceedings was assailed by -debtor on grounds of collusion between auction purchaser and court auctioneers as well as material and procedural irregularities---Held, that properties were situated at place "J" whereas publication of public notice under O. XXI, C.P.C. was made in newspapers at place "F"; and there was no mention of reserve price in pro forma allegedly submitted for schedule of auction---Order sheet did not show that the said schedule of auction had been incorporated in the order of the Executing Court---Although reserve price was mentioned in the publication, the same was done so without any authority and without fixation of the same by the Executing Court and mentioning of reserve price in the publication had no value as the same had not been mentioned in pro forma (schedule of auction)---High Court observed that even where the sale was conducted by the Court; a reserve price was essential and absence thereof may be fatal and it stood established that no reserve price was fixed by the Executing Court in the present case and proclamation issued under O.XXI, R. 66, C.P.C. did not comply with the requirement of the law---Executing Court, in the present case was not only having jurisdiction under O.XXI, R. 89, C.P.C.; but also under S.19 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 as well as an inherent jurisdiction to scrutinize the process of sale of properties through auction and to unearth fraud and save any party against whom fraud had been committed---No place of auction had been mentioned and proceedings were conducted by the Executing Court and the court…

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