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

Section: 19,22

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 19 22---Suit for recovery---Execution of decree of Banking Court---Auction of mortgaged property----Setting aside of auction proceedings---Scope---Objection application filed by objector who claimed to be bona fide buyer of subject property was allowed by Banking Court on ground that said property was not actually mortgaged and objector had validly bought the same before filing of suit for recovery---Validity Bank could not show any document on which Banks lien was marked in record of Excise and Taxation Department and therefore Banking Court in impugned order had rightly concluded that property was not mortgaged with plaintiff Bank and thus auction process could not continue---Appeal was dismissed, in circumstances. Mian Khurram Qureshi Hashmi for Appellant. ORDER This appeal is directed against order dated 24.04.2013 passed by the learned Judge Banking Court, Multan whereby the application filed by the objector, Muhammad Nadeem, was accepted and the order passed for proceedings with the auction of the property in dispute was withdrawn. 2. Brief facts of the case are that appellant bank filed a suit for recovery of Rs.100,179/- against respondents Nos.1 and 2 which was decreed on 22.02.2011. On 25.11.2011 learned Judge Banking Court appointed a court auctioneer for initiating the auction proceedings against the alleged mortgaged property bearing house No.1167/A/6 Data Colony, Street No.5, Grass Mandi Tehsil and District Multan which was owned by respondent No.2. Respondent No.3 filed on application) under section 19 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 objecting to the sale of the said property on the ground that he had purchased the same from respondent No.2 through a sale deed registered…

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