Law:

Section:

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------S. 15(1)(b)--- Mortgage money--- Documentation---Any collateral document which refers to mortgage is insufficient for the purposes of definition of mortgage money and the same would include a document that may be necessary to be prepared, filed or maintained to meet any statutory requirement. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S. 15---Sale of mortgaged property---Bar to jurisdiction of court---Principles---If there has been any failure to comply with mandatory requirements of any of the subsections of S.15 of Financial Institutions (Recovery of Finances) Ordinance, 2001, or a matter does not otherwise come within its terms, bar contained in S.15(12) of Financial Institutions (Recovery of Finances) Ordinance, 2001, cannot be applied. (c) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 12(b) & 15---Civil Procedure Code (V of 1908), O.XXXIX, Rr.1 & 2---Sale of mortgaged property---Interim injunction, grant of---Defendant bank issued public notice regarding auction of properties of plaintiff customer---Plea raised by plaintiff was that he had paid off secured money and bank had not issued three statutory notices---Validity---In a suit filed by customer, in which sale of mortgaged property was challenged and it was contended that secured money had been paid off, appropriate test would be that for limited purposes of ascertaining whether S.12(b) of Financial Institutions (Recovery of Finances) Ordinance 2001, was engaged, customer's claim should be examined as though it were a leave to defend application filed in suit filed by financial institution---For such purpose, financial institution's pleadings and material placed on record would also have to be examined---If on such basis, it was concluded that claim had raised a leave question with respect to repayment of secured moneys, then for limited purposes, it could be said that moneys had been repaid and thus if a case was otherwise made out, an injunction could be issued---High Court granted interim injunction against sale of mortgaged property…

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