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

Section: 19,22

Law: Civil Procedure Code (V of 1908)

Section: 89

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 19 & 22---Civil Procedure Code (V of 1908), O.XXI, R.89---Execution of decree---Payment by debtor---Auction purchaser, right of---Bid in auction---Scope---Judgment debtors satisfied decree by depositing entire decretal amount---Validity---Bid in auction was considered as an offer only and without its confirmation it did not create any vested right in property for a successful bidder---After submission of auction report and after deciding all objection petitions and before confirmation of auction report, debtors were once again given a chance to either pay decretal amount or property under auction would be transferred to successful bidder---No such stage reached as entire decretal amount was paid to decree holder and after satisfaction of decree, execution petition was correctly and lawfully consigned to record room---High Court declined to interfere in the matter---Appeal was dismissed in circumstances. Afzal Maqsood Butt v. Banking Court Respondent No.2, LAHORE HIGH COURT and 8 others 2005 CLD 967 rel. JUDGMENT MUHAMMAD YOUNIS THAHEEM, J.---The appellant through appeal under section 22 of Financial Institutions (Recovery of Finances) Ordinance, 2001 has challenged the /order dated 08.06.2009, passed by learned Banking Court, Peshawar High Court, Peshawar in Execution Petition No.02/10/2004 vide which said Execution Petition after satisfaction of decree by paying entire decretal amount by debtors was consigned to Record Room and the highest bid of appellant was not confirmed with the following prayer: "On acceptance of this appeal, the /order dated 08.06.2009 passed by Banking Court, Peshawar High Court, Peshawar be set aside and the auction dated 27.01.2005 whereby the appellant was declared as highest/successful bidder be confirmed." 2. Brief facts of the case are that a banking case titled as Industrial Development Bank of Pakistan v. Nawabzada Abdul Ghafoor etc. was decreed on 08.04.2004 and the proceedings were converted into execution petition in consequence thereof notice for attachment of above said property was issued. In the meanwhile Objection Petition No.9/11/2004…

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