Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss. 19(1)(7) & 27---Civil Procedure Code (V of 1908), O.XXI, R.66---Suit for recovery---Auction of property---Reduction of reserve price by banking court---Suit was decreed and decree was converted into execution---Banking Court, on the application of court auctioneer reduced the reserve price---Objection petition was dismissed---Defendant contended that Banking Court had no power to review its ---Validity---Defendant did not appear before Banking Court despite issuance of notice--- Defendant having admitted the appearance of lawyer on his behalf could not claim that proceedings were ex parte---Neither fixation nor reduction in reserve price of property for auction was challenged by defendant---Reduction of reserve price did not fall within the scope of "reviewing" or "recalling the order"---Impugned order did not affect right of any party---Appeal was dismissed. Mst. Shakila Riaz v. Judge Banking Court 2007 CLD 349 rel. JUDGMENT SHEZADA MAZHAR, J.---The present Execution First Appeal has been filed against the order dated 25-9-2013 as well as auction proceedings held on 8-7-2013. 2. Facts necessary for the disposal of the present Execution First Appeal against the impugned orders are that respondent No.1/bank filed a suit for recovery, which was decreed vide judgment and decree dated 27-8-2008, which was later on converted into execution. Learned Judge Banking Court fixed the reserve price of the mortgaged property as Rs.1,65,00,000 and appointed the court auctioneer for auction of the mortgaged property but the court auctioneer submitted report on 17-5-2012 requesting for reduction in the reserve price of the mortgaged property. On 21-5-2013 counsel for respondents Nos.2 to 4 made statement in Court to reduce the reserve price and the Banking Court reduced the same to Rs.1,11,76.000, thereafter court auctioneer auctioned the property on 8-7-2013 whereby respondent No.5 purchased the same for an amount of Rs.1,46,55,000. When appellant came to know about the execution of the mortgaged property, filed objection petition on 17-7-2013 under section 19(7) of the Financial Institutions…

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