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

Section: 19,15,10

Law: Constitution of Pakistan, 1973

Section: 199

Law: Civil Procedure Code (V of 1908)

Section: 66

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 19, 15 10---Constitution of Pakistan, Art. 199---Civil Procedure Code (V of 1908), O. XXI, R. 66---Constitutional jurisdiction of High Court---Procedure of Banking Court---Execution of decree of Banking Court --- Sale of mortgaged property---Adequate remedy of appeal under S. 22 of Financial Institutions (Recovery of Finances) Ordinance, 2001---Scope impugned order of Banking Court whereby his objections to notice of sale of mortgaged property, in execution proceedings of Banking Court, were rejected---Validity-Sections 15(11) 19(7) of Financial Institutions (Recovery of Finances) Ordinance, 2001 pertained to disposal of disputes by Banking Court relating to sale of mortgaged property, and therefore orders passed under same were final orders which were appealable under S. 22 of said Ordinance---High Court observed that in presence of remedy of appeal, Constitutional petition was not maintainable, and same was disposed of with observation that petitioner may avail remedy of appeal under S. 22 of Financial Institutions (Recovery of Finances) Ordinance, 2001. ORDER FIAZ AHMAD ANJUM JANDRAN, J.--- Through instant writ petition, petitioner impugns order dated 24.11.2020 passed by the learned Judge Banking Court whereby objections pursuant to notice under Order XXI, Rule 66 of the Code of Civil Procedure, 1908 were rejected. 2. Essential and relevant facts for the adjudication of instant writ petition are that petitioner availed loan facility from the respondent No.2 but failed to pay the same within the stipulated period which constrained the latter to file a recovery suit which was decreed vide ex-parte judgment and decree dated 30.01.2014. The decree was then converted into execution petition in terms of section 19(1) of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (Ordinance 2001). Petitioner in response to notice filed objections but the same were rejected vide impugned order. 3. Learned counsel for the petitioner objected the impugned order on two grounds i.e. that the value of the mortgaged property is not determined in accordance with fair market value and…

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