Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)------- --------S. 19(7)-------Civil Procedure Code (V of 1908), O. XXI, R. 58-------Suit for recovery of finance-------Execution of decree-------Objections-------"Bona fide purchaser"-------Scope-------Execution of decree was resisted on the plea that objector was bona fide purchaser without notice and his suit for specific performance of agreement was pending-------Validity-------Objector filed suit for specific performance of agreement after passing of and decree by Banking Court-------All proceedings were in the knowledge of objector and he did not fall within the category of a "bona fide purchaser" without notice-------Objector could not lay hand on suit land in presence of mortgage deed executed by debtor as "once a mortgage was always a mortgage"-------High Court declined to interfere in the order passed by Banking Court-------Appeal was dismissed in circumstances. THIS ORDER PASSED BY: SHAHID JAMIL KHAN, JUSTICE:-------------- This first appeal is directed against an order dated 09.02.2011 passed by learned Banking Court No.1, Multan whereby the objection petition filed by the appellant under section 19(7) of the Financial Institutions (Recovery of Finances) Ordinance, 2001, was dismissed. 2. As per the record, the respondent-bank instituted a suit for recovery against the judgment-debtor, namely, Abdul Sattar Qureshi, which was decreed on 28.05.2009. Learned Banking Court started execution proceedings, whereupon the appellant, claiming herself the purchaser of the mortgaged property, filed an application under section 19(7) of the Financial Institutions (Recovery of Finances) Ordinance, 2001, read with Order XXI, Rule 58, C.P.C., on the ground, that the judgment-debtor, namely, Abdul Sattar Qureshi sold the residential house/mortgaged property measuring 05-Marlas 16-1/2-Yards, through an agreement to sell dated 10.11.1982, which too was registered; along with the agreement to sell, a general power of attorney was also executed in favour of the appellant; it was agreed, that the loan of House Building Finance Corporation would be paid by the appellant/purchaser, therefore, the…

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