Law:

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Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997) Ss. 18 & 21 Civil Procedure Code (V of 1908), O.XXI, R.58 Execution of decree Investigation of claim in respect of mortgaged property Appellant claimed to be the owner in possession of disputed property on the basis of transfer letter issued by the Development Authority and was in possession of original sale deed executed in favour of -debtor, and that disputed property had never been mortgaged Decree holder Bank had also produced original sale deed executed in favour of debtor Banking Court dismissed appellant's application summarily ¬Validity Deeper inquiry/ investigation was required to ascertain whether any equitable mortgage had been created by debtor in favour of Bank or not Banking Court had dismissed appellant's application in haste High Court allowed the appeal, set aside impugned order and remanded the case to Banking Court for its fresh decision on merits after holding a proper inquiry. JUDGMENT M. JAVED BUTTAR, J. This Execution First Appeal is directed against the order, dated 22 12 1999 passed by Judge, Banking Court II. Lahore, whereby the appellants' application under section 18(6) of the Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997 was dismissed summarily. 2. The appellants claimed to be the owner of the alleged mortgaged property House No. 232, Kareem Block, Allama Iqbal Town, Lahore on the basis of transfer letter issued by the Lahore Development Authority, Lahore, and the case of the appellants is that the above said property was never mortgaged…

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