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

Section: 9,22

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S. 9---Suit for recovery of loan---Auction of mortgaged property by the Banking Court---Objection petition---Fraud---Proof---Banking Court granted interim relief (suspension of auction) on 23-05-2017 subject to deposit of 50% cash of decretal amount and next date of hearing was fixed as 30-05-2017 but auction of property was completed on 25-05-2017---Contention of petitioners was that objection petition was dismissed without affording proper hearing and Banking Court had failed to appreciate the facts properly---Validity---Petitioners were not afforded time till 30-05-2017 for deposit of 50% cash of decretal amount---Subsequently conducting auction proceedings on 25-05-2017 were not in defiance with the court's order---Applicants had failed to point out any irregularity or fraud in publication or conducting auction of mortgaged property---If fraud was alleged in an objection petition then its necessary ingredients must be pleaded so as to prove the same---General and bald allegations of fraud could not form basis to upset the proceedings otherwise validly conducted by a Court of competent jurisdiction---Petitioners had failed to prove fraud by the Bank---Banking Court had rightly dismissed the objection petition filed by the petitioners---No illegality or perversity was pointed out in the impugned order passed by the Banking Court---Appeal was dismissed in circumstances. THIS ORDER PASSED BY: JAWAD HASSAN, JUSTICE---.---- Through the instant First Appeal Against Order, filed under section 22 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (the "Ordinance"), the Appellants seek setting aside of the order dated 28.10.2017, passed by the Banking Court-II, Lahore (the "Banking Court") whereby their objection petition was dismissed. 2. Learned counsel for the Appellants inter alia submitted that the Banking Court has not taken into consideration the true facts and circumstances of the case while dismissing the objection petition of the Appellants; that the interim relief was granted by the Banking Court on 23.05.2017 and the next date of hearing was fixed as 30.05.2017…

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