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

Section: XLVI,19

Law: Civil Procedure Code (V of 1908)

Section: XXI,89,90

(a)    Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------S.19---Civil Procedure Code (V of 1908), O.XXI Rr.89 & 90---Execution of decree passed by Banking Court---Auction proceedings---Sale---Setting aside sale on deposit of certain amount--Scope---Order XXI, R. 89 of the Civil Procedure Code, 1908, stipulates and allows any person who either owns the property or holds an interest in it by virtue of a title acquired before the sale to apply to have the sale set aside; this is contingent on such person depositing a certain amount in the Court---First condition for setting aside the sale is that the person must deposit a sum equal to five per cent of the purchase money for payment to the purchaser/successful bidder---Second condition is that the person must deposit an amount for payment to the decree-holder---Such amount is specified in the proclamation of sale for the recovery of which the sale is ordered---However, any amount received by the decree -holder since the date of the proclamation of sale is deducted from such/said amount---There is also arestriction that if a person has applied under O. XXI, R. 90 of the Civil Procedure Code, 1908, to set aside the sale of his immovable property, he cannot make or prosecute an application under this rule unless he withdraws his application under Rule 90; this R. also does not relieve the judgment-debtor from any liability he may have in respect of costs and interest not covered by the proclamation of sale.(b)    Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------S.19---Civil Procedure Code (V of 1908), O. XXI Rr. 89 & 90---Execution of decree passed by Banking Court---Auction proceedings---Sale Setting aside of sale on deposit of certain amount---Appellant / Judgment-debtor assailed orders passed by the Banking /Executing Court, whereby application under O. XXI, R. 89 of the Civil Procedure Code, 1908, filed by the appellant was dismissed and on the same day the sale of mortgaged property was confirmed---Contention of the appellant was that the auction proceedings were orchestrated without consideration of the actual…