Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 19 & 22---Civil Procedure Code (V of 1908), O. XXI, R. 66---Execution of decree---Death of -debtor---Appellants were legal heirs of deceased -debtor and they were aggrieved of the order passed by Executing Court declining to stay auction proceedings---Validity---Decree could be executed against legal heirs of deceased debtor or their property could be auctioned for the satisfaction of decree passed against deceased--- If deceased had left any assets at the time of his death, decree was to be satisfied from such estate---High Court declined to interfere in the order passed by Executing Court whereby objection petition of appellants was dismissed--- Appeal was dismissed in circumstances. Summit Bank v. Qasim and Co. 2015 SCMR 1341; Niazul Haq v. Rafi Ahmed Qureshi 2016 MLD 493 and Ameer Begum v. Abid Hussain PLD 2011 Lah. 284 rel. THIS ORDER PASSED BY: JAWAD HASSAN, JUSTICE:---.--- Through the instant Civil Appeal under section 22 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (the "Ordinance"), the Appellants seek setting aside of order dated 06.03.2017, passed by the Banking Court-V Lahore whereby their objection petition to stay the auction proceedings was dismissed. 2. Brief facts revealed from the appeal are that the Respondent filed a suit for recovery against the Ahad Fibers Pvt. Ltd. registered Office at 191-D Model Town, Lahore which was decreed by the Banking Court-V, Lahore. During the pendency of the execution proceedings the predecessor in interest of the Appellants and one of the Judgment debtors namely Muhammad Sharif passed away on 27.10.2014. The Court has attached the property No. 523 Block No. 2 Sector D-II, Quaid-e-Azam Town, Lahore for the fulfillment of obligation regarding the remaining decretal amount of Rs.17,40,410/-. The objection petitions filed by the Appellants for stay of auction proceedings was dismissed by the Banking Court vide the impugned order. Hence, the instant appeal. 3. Learned counsel for the Appellants submitted that the execution proceedings are liable to be set aside as no notice under Order XXI, Rule 66, Code of…

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