Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S. 19---Civil Procedure Code (V of 1908), O.XXI, R. 66---Ex parte decree against debtor---Auction of debtor's property on orders of Banking Court and High Court---Bona fide purchaser---Process of auction was set aside on the basis that the ex parte decree passed by the Banking Court was set aside by another Bench of the High Court---Legality---Auction of the disputed property took place through due legal process; full payment of sale consideration was made; sale was confirmed; sale certificate was issued without any objection either from the -debtor or decree-holder; purchase of the auctioned property by the appellants was for valuable consideration and as per the appellants they had also spent huge amount on raising further construction over the disputed property and its renovation---Impugned , lacking any valid justification for rejecting the claim of the auction purchaser/appellants in a routine manner, was liable to be set aside in order to re-examine bona fide nature of their claim---Supreme Court remanded the case to the High Court for fresh disposal on merits and in accordance with law after taking into consideration, whether the appellants were bona fide purchaser of the auctioned property for valuable consideration and in case it was so, whether their rights were not protected under the law in spite of the fact that the and decree passed in the Banking suit was set aside vide another of the High Court separately passed on the same date, which according to the -debtor, remained unchallenged and thus attained finality---Appeal was allowed accordingly. Hudaubia Textile Mills Ltd. and others v. Allied Bank of Pakistan Ltd. and others PLD 1987 SC 512; Messrs Unicom Enterprises v. Banking Court No. 2, City Court Building Karachi and 2 others 2004 CLC 1452; Mumtaz-ud-Din Feroze v. Sheikh Iftikhar Adil and others 2009 CLD 594 and Muhammad Attique v. Jam Limited and others PLD 2010 SC 993 ref. THIS JUDGMENT DELIVERED BY: ANWAR ZAHEER JAMALI, C.J.--- This appeal under Article 185(2) of the Constitution of Islamic Republic of Pakistan, 1973, is directed against the Judgment dated…

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