Law: Foreign Currency Accounts (Protection) Ordinance, 2001

Section: 9

Law: Civil Procedure Code (V of 1908)

Section: O.XXI,R.66,89,90

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S. 9---Civil Procedure Code (V of 1908), O. XXI, Rr. 66 & 90---Suit for recovery of loan amount---Auction of property of debtor by the Banking Court---Objection petition, filing of---Requirements---Auction of property of debtor was conducted whereafter objection petition was moved but same was dismissed---Validity---Notice under O. XXI, R. 66, C.P.C. was served upon the debtor by the Banking Court---Judgment debtor filed objection petition with regard to evaluation report of reserve price mentioned in the said notice---Banking Court with the consent of the parties appointed evaluators to carry out evaluation and applicant was directed to deposit fee of the evaluator but he did not deposit the same---Banking Court fixed reserve price of the property and appointed a Court Auctioneer to conduct auction---Said order of Executing Court was never challenged which had attained finality---Court Auctioneer conducted auction of property and respondent was declared as highest bidder who deposited the bid price which was more than the reserve price---Petitioner could not be allowed to agitate the non-fulfilment of the requirements ordained by O. XXI, R. 66, C.P.C.---Objection petition moved by the -debtor was not accompanied by the statutory deposit as contemplated by O. XXI, R. 90, C.P.C.---Applicant having also made mandatory deposit of 20% of the sum realized at the sale, appeal was dismissed. Messrs Nice 'N' Easy (Pvt.) Limited and others v. Allied Bank of Pakistan 2014 SCMR 1662 and Zakaria Ghani and others v. Muhammad Ikhlaq Memon and others PLD 2016 SC 229 rel. THIS ORDER PASSED BY: SHAMS MEHMOOD MIRZA, JUSTICE---.--- This regular first appeal is filed under section 22 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (the Ordinance) challenging order dated 29.09.2015 passed by the banking court. 2. Brief facts of the case are that the respondent bank after obtaining the decree set in motion the execution process for sale of the mortgage property belonging to the appellant. The auction was held on 12.03.2015 whereafter an objection application was filed by the…

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