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

Section: 19(7)(a)

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S. 19(7)(a)---Execution of decree---Objection---Mortgage property---Unregistered gift deed---Objector claimed to be owner of mortgaged property on the basis of unregistered gift deed---Executing Court declined to exclude the property from execution and dismissed the objection petition---Validity---Although the objector claimed title to mortgaged property yet he never sought to file any suit to protect the purported right---Objector, principal debtor, alleged donor and the ostensible landlord of mortgaged property were all immediate family---Absence of knowledge of dealings in mortgaged property was implausible---Matter was patently evident that even after coming to know of the and decree, the objector did not file any appeal there against---High Court declined to interfere in the order passed by Executing Court---Appeal was dismissed in circumstances. JUDGMENT AGHA FAISAL, J.--- The learned Banking Court V at Karachi delivered an order dated 26.08.2017 (Impugned Order), in Execution 35 of 2016 (Execution), arising out of Suit 812 of 2011 (Suit), whereby, the appellants application (Objection Application) under section 19(7)(a) of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (Ordinance) was dismissed. It may be appropriate to reproduce the operative constituent of the Impugned Order herein below: The above provision of law clearly provides that the principle should be resident within any part of Pakistan at the time of execution of power of attorney. Power of Attorney can be executed before the Registrar or the Sub-Registrar within whose jurisdiction the principal resides. Bare reading of the Power of Attorney dated 19.06.2004 appears that not only the principal/executant namely Shakir Ejaz Hussain was resident of district Gujranwala but its both witnesses were also resident of district Gujranwala. Record further reveals that on the basis of power of attorney the judgment debtor No.1 mortgaged the property with the decree holder after obtaining No Objection Certificate which also got verified by decree holder i.e. Messrs Faysal Bank Limited vide Letter dated…

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