Law:

Section:

S. Saeed Hasan Zaidi for Appellants. Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 9 & 19---Civil Procedure Code (V of 1908), O. XXI, Rr. 90, 23-A & S. 151---Suit for recovery of loan amount---Execution of decree and auction sale---Objection to execution---Sale of immovable/ mortgaged property, setting aside of---Allegations of material irregularity or fraud not levelled---Effect---Defendants first filed application under O. XXI, R. 90 read with S. 151, C.P.C. for setting aside of sale of the mortgaged property on the ground that the market value of the property was much higher than that on which the same had been sold in auction, which was dismissed by the Executing Court---Defendants, later on, filed another application under O. XXI, R. 90, second proviso, C.P.C. for furnishing security for due performance of the decree, which was also dismissed---Validity---Application under O. XXI, R. 90, C.P.C. was not competent unless material irregularity or fraud in publishing or conducting the sale of immovable property in execution of decree was shown to have taken place, and whereby the interest of decree holder, or any other person entitled to share in a ratable distribution of assets, had been adversely affected by such sale---Defendants had made no such allegation of material irregularity or fraud in publishing or conducting auction of the mortgaged property against the Banking Court, which was a condition precedent to make the application for setting aside the sale of the property---Defendants had also failed to deposit the decretal amount with the Court, or to furnish surety, to secure the repayment of the decretal amount in compliance of order of the Executing Court in terms of O. XXI, R. 23-A, C.P.C., as the property documents furnished as security had not been properly valued---Appeal against impugned orders was, therefore, dismissed in limini in circumstances. ORDER SYED SAEEDUDDIN NASIR, J.---This 1st Appeal is directed against the order dated 20.5.2015 passed by the learned Judge of the Banking Court No.II, Karachi, wherein the learned Judge of Banking Court No.II, passed an order in Execution No.232 of 2013 of…

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