Law:

Section:

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss.14, 12, 9 & 22---Transfer of Property Act (IV of .1882), S.56---Civil Procedure Code (V of 1908), 0.11, R.2, 0.XXXIV, R.14 & S.11---Appellant. in the present case, was not party to the suit and respondent had never relinquished any part of its claim against the appellant at the time of institution of said suit---Mere fact that at the time of institution the respondents had not impleaded/arrayed the present appellant as one of the defendants in the suit, would not justify a conclusion that the claim against the appellant based on equitable mortgage vis-a-vis the memorandum of deposit of title deeds executed by him was relinquished---Creation of equitable mortgage and execution of deed and deposit of title documents had given an independent ca ise of action to the respondents for obtaining a decree against the appellant for sale of mortgaged property---Provisions of 0.11, R.2 and S.11, C.P.C. would have no relevancy or applicability to the facts of the present case---Decree passed in earlier suit being not a money decree against the appellant the respondent had independent right against him to file a separate suit for recovery of decretal amount from him to the extent of equitable mortgage created by him in its favour, if it so chose---Plea with reference to O.XXXIV, R.14, C.P.C. would also be not relevant in circumstances. Hussain Bakhsh v. Settlement Commissioner, Rawalpindi and others PLD 1970 SC 1;Hudaybia Textile Mills Ltd. v. Allied Bank of Pakistan PLD 1987 SC 512; National Bank of Pakistan v. S.A. Sattar and others PLD 1962 Kar. 271; Hatimbhai v. Karimbhai 1993 MLD 988; Abdul Hakim and 2 others v. Saadullah Khan and 2 others PLD 1970 SC 63; Aziz Ahmad and others v. Mst. Hajran Bibi and another 1987 SCMR 527: M.K. Abbasi v. United Bank Ltd. 1983 CLC 482; Allah Dad v. Mehmood Shah 1990 CLC 33; Azirannessa Bewa v. United Bank of India Ltd. PLD 1963 Dacca 13; Messrs Eagle Star Insurance Co. Ltd. v. Messrs Usman Sons Ltd. and others PLD 1969 Kar. 123; Maqsood Ahmed and others v. Salman All PLD 2003 SC 31; Bank of Credit and Commerce International (Overseas) Ltd. v. The…

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