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

Section: 19,2(2),22

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S. 19---Civil Procedure Code (V of 1908), S. 36 O. XXI, R. 1---Execution---Connotation---Execution is enforcement of a decree by a judicial process which enables decree holder to realize fruits of decree and passed by competent Court in his favour. Tax Law Dictionary by LexisNexis 2016 Edition page 314 and Blacks Law Dictionary, Tenth Edition page. 689 rel. (b) Civil Procedure Code (V of 1908)--- ----S. 2(2)---Decree---Scope---Execution of decree---Scope---Decree of Court is a mere declaration of right unless through process of execution such determination is transformed into actual realization---Without execution, a decree is an expression of recognition of rights of relief---When decree gets executed through process of law, it then culminates into attainment of dispensation of justice in actual and palpable terms---When decree is executed successfully, it is called satisfaction of decree. (c) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 19 22---Execution of decree---Mortgaged properties---Judgment debtor resisted execution of decree by contending that mortgaged properties were not mentioned in Memorandum of Deposit of Title Deeds therefore, the properties could not be mortgaged---Validity---At the time of availing finance facilities, three properties were mortgaged by debtors out of which one property was redeemed by Bank upon payment by debtors through an undertaking on stamp paper while to the extent of remaining two properties, Banking Court proceeded to execute and decree---Judgment debtors could not raise such matter which had already attained finality--- Banking Court rightly held that there was no need to correct order for which application was filed by debtors---High Court declined to interfere in the order passed by Banking Court as the same was neither illegal nor perverse and was passed in accordance with law--- Appeal was dismissed in circumstances. Muhammad Attique v. Jamil Limited and others 2015 SCMR 148; Mst. Nadia Malik v. Messrs Makki Chemical Industries Pvt. Ltd. through Chief Executive and others 2011 CLD 1517; Muhammad…

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