| Citation(s) |
|---|
| 2025 SLG 1847 2025 SLD 1847 = 2025 SHC 1444 |
High Court Appeals Nos.319 to 321, 323, 336 and 337 of2008
MUHAMMED KARIM KHAN AGHA J
Appellants World Automobiles and others through Mr. Kazim Hasan, advocate. Respondents Muslim Commercial Bank Limited and others through Mr. Qazi Faez Issa- advocate
Law: Financial Institutions (Recovery of Finances) Ordinance, 2001
Section: 19(2), 19(1), (3)
Law: Code Of Civil Procedure, 1908.
Section: XXIII
Case Summary
This case involves multiple High Court Appeals (Nos. 319, 320, 321, 323, 336, and 337 of 2008) filed by World Automobiles and others against Muslim Commercial Bank Limited (MCB) and others. The appeals challenge an order dated 31.10.2008, passed by a learned Single Judge of the High Court of Sindh, Karachi, which allowed execution applications filed by the respondents (MCB and others).
Background
The dispute originated from a compromise decree in Banking Suit No. B-29/2001, based on a Settlement Agreement dated 30.5.2006, where certain mortgaged properties were to be sold to repay the decreed amount.
Subsequently, a "New Agreement" was brokered by the National Accountability Bureau (NAB), superseding the earlier settlement. Under this, the entire decretal amount was to be paid in one go through the sale of a specific property (Clifton Property).