Law: Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997

Section: 18

Banking Companies (Recovery of Loans, Advances, Credits and finances) Act (XV of 1997)--S. 18---Civil Procedure Code (V of 1908), O.XXI, R.92---Executing proceedings---Sale through auction---Purchase of mortgaged property through auction---Decree-holder filed an application for withholding auction proceedings on the ground that -debtor was ready to pay more price of the mortgaged property than the auction-purchase---Such application was filed after the completion of auction proceedings and deposit of full auction price by the auction-purchaser---Validity---Once the mortgaged properties had been lawfully punched by the highest bidders and they had fulfilled all other legal formalities regarding payment of purchase price etc. proceedings of such sale transaction could neither be withheld nor could be disturbed merely to accommodate the decree-holder and the -debtor to negotiate for a settlement in the matter---No allegation of any malpractice, irregularity or fraud in the process of auction conducted by Trial Court was levelled---Even the -debtors had not come forward to question the legality of such auction proceedings---Where full bid money was paid and sale was confirmed, the auction-purchaser had acquired valuable rights in the property and the same could not be disturbed---Such application filed by decree-holder was rightly dismissed by the Trial Court . Messrs Dawood Flour Mills and others v. National Bank of Pakistan 1999 MLD 3205 and Hudaybia Textile Mills Ltd. and another v. Allied Bank of Pakistan Ltd. and others PLD 1987 SC 512 ref. JUDGMENT ANWAR ZAHEER JAMALI, J.--- This first appeal. calls in question an order, dated 1-5-1999 passed by the Banking Court No..III, Karachi (hereinafter referred as Trial Court ) in Execution Application No.91 of 1997 thereby dismissing an application of the appellant/decree-holder, ' dated 1-5-1999 for withholding auction process of the mortgage properties. The relevant facts of the case are that a suit for recovery of amount 'g filed by the appellant bank, being Suit No. 170 of 1996 was decreed by the trial Court on 25-4-1997. The judgment-debtors in the suit i.e. respondents Nos. l to 7 in this appeal, did not prefer…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492