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

Section: 19

Law: Civil Procedure Code (V of 1908)

Section: 89,90

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S. 19---Civil Procedure Code (V of 1908) O. XXI, Rr. 89 90---Suit for recovery---Execution of decree of Banking Court---Auction of mortgaged property---Setting aside of auction proceedings---Order XXI, Rr. 89 90, C.P.C.---Nature and scope---Order XXI R. 90, C.P.C. allowed setting aside of auction of mortgaged property on ground of fraud or material irregularity, however O. XXI. R. 89, C.P.C. provided -debtor a means for avoiding sale after it had been validly carried out, affording such- debtor a final chance to set aside sale of mortgaged property on payment of decretal amount and compensation to auction-purchaser---Both remedies were mutually exclusive, and after charting course in terms of O. XXI, R. 89, C.P.C., a debtor could not then allege that there was any fraud or irregularity marring the exercise of auction of property---Upon confirmation of sale, a vested right accrued in favour of auction-purchaser, which could not been disturbed. JUDGMENT YOUSUF ALI SAYEED, J.--- The captioned Appeal under section 22 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (the Ordinance) impugns an Order made by the learned Judge of the Banking Court No. V at Karachi (the Executing Court) on 02.12.2019 in Execution No. 71 of 1999 ensuing from Suit Number 39 of 1996 decreed in favour of the Respondent No.1 as against the Appellant and others, whereby the Appellants Application under Order XXI, Rule 90, C.P.C. (the Underlying Application) against the auction sale of a built up immovable property bearing No. 26, Qasba Township, admeasuring 111.11 square yards, Karachi (the Subject Property) was dismissed. 2. It merits consideration that the Underlying Application was preferred by the Judgment Debtor No.3, namely Tahir Hussain Siddiqui, which is of significance as he had himself previously applied before the Executing Court for postponing the auction of the Subject Property, and being unsuccessful, had then preferred 1st Appeal No. 06 of 2019 (the Prior Appeal) before this Court, which was disposed of by a learned Division Bench on 09.10.2019 in light of Order XXI, Rule 89,…

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