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

Section: 15,19,22

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 15, 19 & 22---Execution of decree of Banking Court---Sale of mortgaged property--- Non-partitioned property/"joint khata"---Contention of the -debtor was that mortgaged property was a "joint khata", and unless partition of the mortgaged property took place, the same could be auctioned---Validity---Impugned order of the Banking Court dealt with issue of partition of the mortgaged property and no infirmity existed in the said findings---Mortgaged property could, in fact, be put to auction till formal partition takes place---Any person who purchased a property in an auction simply stepped into the shoes of the one of the owners in the "joint khata", whose share of the said property was then sold---Appeal was dismissed, in circumstances. ORDER This is an appeal under section 22 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 against the order dated 19.11.2016 passed by the Banking Court-II, Lahore. 2. It is not denied by the learned counsel for the appellants that the appellants were neither a party in the suit nor a decree was passed against them. It is also not in dispute that the appellants were neither borrowers nor customers of the respondent-Bank. An application under section 12(2) of the Code of Civil Procedure was filed for setting aside the judgment and decree dated 20.02.2012. However, in our opinion, the said application which was dismissed by the impugned order, was not strictly maintainable as the appellants have not referred to any fraud or illegality to have crept in the entire transaction. The only contention raised by the learned…

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