Law: Civil Procedure Code (V of 1908)

Section: OrderXXIRule66,89,99

JUDGMENT SAJJAD ALI SHAH, JUSTICE:---.--- The Petitioner, through the instance petition, seeks leave of this Court to appeal against the judgment of the High Court of Sindh, Karachi whereby his appeal against the orders of the Banking Court rejecting his bid, was dismissed. Facts and Procedural History 2. Briefly, a Running Finance Facility to the extent of Rs.50 million at the request of Respondent No.3-9 was allowed to their Company- respondent No.2. The respondents after having availed the facility failed to repay the same giving rise to initiation of recovery proceedings before the Banking Court. The suit ultimately was decreed ex parte on 09.01.2018 against the said respondents excluding Respondent No.3 ("Judgment Debtors") jointly and severally in the sum of Rs. 51,760,377/- along with the cost of funds as prescribed by the State Bank of Pakistan from the date of default till realization of the entire decretal amount. 3. Upon failure of the Judgment Debtors to pay the decretal amount, Execution Proceedings were initiated wherein a writ to attach the mortgage property was ordered on 14.02.2018. After the attachment of the mortgaged property, notices as required under Order XXI Rule 66 of the Code of Civil Procedure 1908 ("CPC") were issued and the attached property was ordered to be put into open auction vide order dated 26.04.2018. The Nazir of the Court then issued proclamation of sale of the said property on 31.05.2018, which was published in different national dailies on 20.06.2018, declaring that public auction for the said property will be held on 26.07.2018. However, just two days before the auction, on 24.07.2018, an application under Order XXI Rule 26 read with Rules 66, Rule 69, and Section 151 of the CPC was filed on behalf of the respondents along with Banker's Cheque No.184623 dated 24.07.2018 in the sum of Rs. 5,000,000/-, praying that the auction proceedings be suspended. The auction was nevertheless conducted on 26.07.2018 despite objection on account of pending application due to non-availability of the learned Presiding Officer. In the auction, two bidders, namely, the Petitioner and one Mr. Muhammad Shahid, offered bids of Rs.…

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