| Citation(s) |
|---|
| 2023 SLG 2163 2023 SLD 2163 2023 CLD 1332 |
Lahore High Court
E.F.A. No 22133 of 2023, heard on 3rd May, 2022.Date of hearing: 3rd May, 2023.
Before Mirza Viqas Rauf and Muhammad Raza Qureshi, JJ
Syed Zeeshan Haider Zaidi for Appellant. Moiz Tariq for
Respondent.
E.F.A. No 22133 of 2023, heard on 3rd May, 2022.Date of hearing: 3rd May, 2023.
Before Mirza Viqas Rauf and Muhammad Raza Qureshi, JJ
Syed Zeeshan Haider Zaidi for Appellant. Moiz Tariq for
Respondent.
Messrs G.A. TRADERS SOLE PROPRIETORSHIP through Haji Ghazanfar Ali (since deceased)---Appellant
VERSUS
ALLIED BANK LIMITED through Manager---Respondent
Law: Financial Institutions (Recovery of Finances) Ordinance, 2001
Section: 19,22
Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 19 & 22---Execution of decree---Mark-up, recovery of---Appellant/judgment debtor was aggrieved of including mark-up in decree for beyond contractual period---Validity---At the time of passing decree in question Banking Companies (Recovery of Loans, Advances, Credits and Finances) Ordinance, 1997, was in force---Harshness of previous law permitted award of continuous mark-up beyond contracted mark-up---Executing Court could not extend benefit of new law by replacing mark-up awarded by Banking Court under Banking Companies (Recovery of Loans, Advances, Credits and Finances) Ordinance, 1997, with the award of cost of funds permitted under Financial Institutions (Recovery of Finances) Ordinance, 2001---This would amount to empowering Executing Court to amend the decree---High Court declined to interfere in the order passed by Executing Court---Appeal was dismissed, in circumstances. Khushi Muhammad and 2 others v. The Province of the Punjab through Secretary to Government of the Punjab and 2 others 1999 SCMR 1633 ref. Habib Bank Ltd. v. Karachi Pipe Mills Ltd. 2006 CLD 842; Commissioner Inland Revenue v. Packages Limited 2022 SCMR 634; Muhammad Akbar v. Major Taj-ud-Din 2007 SCMR 140 and Capital Development Authority, CDA, through Chairman, CDA, Islamabad v. Ahmad Murtaza and another Civil Petition No.3709 of 2022 rel. JUDGMENT MUHAMMAD RAZA QURESHI, J.---Through this Execution First Appeal under section 22 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (the "Ordinance of 2001"), the Appellant has questioned the legality and propriety of Order dated 07.03.2023 passed by Banking Court No.IV, Lahore, pursuant whereto the Objection Petition under section 19 of the Ordinance of 2001 filed by the Appellant, inter alia, seeking dismissal of Execution Petition was dismissed. 2. Learned counsel for the Appellant submits that Impugned Order is illegal and unlawful and is liable to be set aside. While reiterating the grounds canvassed in the instant Appeal, learned counsel submits that the Decree Holder Bank while realizing the Judgment and Decree is selling the…
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