Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S. 19---Civil Procedure Code (V of 1908), O. XXI, Rr. 66 & 90---Execution of decree of Banking Court---Sale of mortgaged property---Auction proceedings---Notice of proclamation under O. XXI, R. 66, C.P.C.---Objection petition under O. XXI, R. 90, C.P.C. filed by the debtors was dismissed by Banking Court---Contentions of -debtor were, inter alia, that no notice under O. XXI, R. 66, C.P.C. was served to the debtors; that the property was wrongly described in the proclamation and that the auction proceedings were conducted fraudulently---Held, that contention of -debtors that no notice under O. XXI, R. 66, C.P.C. were issued to them was not tenable inasmuch that the property was admitted to be auctioned in the past but the same could not materialized and the fact that it was ordered again to be auctioned did not require fresh issuance of notice under O. XXI, R. 66, C.P.C.---Where -debtors were aware of auction proceedings, they could not challenge the auction on grounds that notice was sent to them on incorrect address, as notice, in the present case, was also published in the newspaper---Contention that the property was wrongly described was also not tenable as the bidders made their bids at the site of the property which was to be auctioned, therefore, they knew that the said property was a building with fixtures and the bids were made accordingly therefore no prejudice had been caused to the -debtors---Said property had been auctioned at more than the reserved price and the auction report indicated that bidders actively participated in the process---High Court observed that it was the prerogative of the decree-holder to have any or all of the mortgaged properties sold in the execution of the decree---No illegality existed in the impugned order---Appeal was dismissed, in circumstances. Messrs Nowshera Bricks and Tiles (Pvt.) Limited and others v. Regional Development Finance Corporation 2002 CLC 904 and Nadeem Akhtar Tabasum v. MCB Ltd. and others 2014 SCMR 1371 ref. Ghulam Abbas v. Zohara Bibi and another PLD 1972 SC 337 and Messrs Nice 'N' Easy Fashion (Pvt.) Ltd. and others v.…

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