Law:

Section:

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------S. 19(7)---Civil Procedure Code (V of 1908), O.XXI, R.90 & S.47---Execution of decree---Sale of property---Application/objection petition for setting aside auction on ground of alleged irregularities and fraud by the Court Auctioneer, the Bank staff and the auction-purchaser---Said application/objection-petition was dismissed by Banking Court and order of the Banking Court was assailed by the appellant---Validity---Reserve price which was determined by the decree-holder Bank in the year 2008 was reduced after a period of one year; which was a mischievous act of the decree-holder Bank---Manner in which the auction proceedings were conducted showed pre-determination in the minds of the Court Auctioneer and the auction-purchaser and both were in prior knowledge as to at what rate the highest bid would be finalized and what would be the one-fourth bid amount, and the exact same amount in shape of an already prepared Pay Order was in possession of the auction-purchaser---Said Pay Order was naturally prepared prior to the participation of the auction-purchaser in the auction proceedings---Collusiveness of the interested persons was seen, and the appellant was deprived of the actual value of her property---Banking Court while confirming the sale price had conveniently ignored the fact that a year ago the decree-holder Bank had itself determined the value of the property much higher than to what the property was to put to auction for and objections raised by the appellant in such regard were not considered in an appropriate manner; and sale of such tainted proceedings should not have been confirmed---Inadequacy of price, if was by the reason of fraud and material irregularity; would provide a ground for setting aside the decree and also the sale in the execution of such a decree---Dismissal of application/objection petition under Order XXI, Rule 90 of the C.P.C. without recording of evidence of parties was not justified, and without recording findings adduced on such evidence; the Banking Court should not proceed to reject an objection petition filed under Order XXI, Rule 90,…

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