Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss.15 (5) & 19 (5)---Civil Procedure Code (V of 1908), O.XXI, R.72 (1)---Execution of decree---Purchase of property by decree holder---Permission of Executing Court---Scope---Provisions of special law and general laws---Distinction and applicability---Decree holder participated in auction and was the highest bidder---Judgment debtor filed application for setting aside of auction on the ground that decree holder did not seek permission of Court under O.XXI, R.72, C.P.C. in participating auction proceedings---Application was dismissed by Executing Court on the ground that decree holder was not required under Ss.15 (5) & 19(5) of Financial Institutions (Recovery of Finances) Ordinance, 2001, to seek any such permission---Validity---When a mortgaged property was proposed to be sold either with intervention of Court or without intervention of Court, under the provisions of 5.15 (5) or 19 (5) of Financial Institutions (Recovery of Finances) Ordinance, 2001, in that case legislature had conferred discretion upon decree holder to participate in public auction without obtaining permission of Executing Court and to purchase mortgaged property at the highest bid---In respect of purchase of property by decree holder under O.XXI, R.72 (1) C.P.C., no holder of decree could, without express permission of Executing Court, bid for or purchase property, which was sold in execution of a decree---Provisions of Ss.15 (5) & 19 (5) of Financial Institutions (Recovery of Finances) Ordinance, 2001, with regard to purchase of property by decree holder without permission of Executing Court, were contrary to the provisions of O.XXI, R.72 C.P.C., therefore, the provisions of special enactment would override the provisions of C.P.C., which would give way to the contrary provisions of special statute---Decree holder was not under any legal obligation to obtain permission of Executing Court for purchase of mortgaged property, rather it could in its discretion, participate in public auction and purchase mortgaged property at highest bid, which discretion was exercised by decree holder---Order passed by…

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