Law:

Section:

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001) S.19(7) Civil Procedure Code (V of 1908), O.XXI, Rr. 58 & 62 Registration Act (XVI of 1908), S.47 Execution of decree ¬Sale of property Appellant in objection petition claiming ownership of the property based on a sale deed executed on 8 2 2001 and registered with Sub Registrar on 27 10 2001 Dismissal of objection petition by Banking Court on the ground that the sale deed was executed after 9 8 1998 the date on which the decree in the suit of recovery was passed Under S.47 of Registration Act. 1908 the registered sale deed operates from the time it is executed and not from the time of its registration ¬Financial Institutions (Recovery of Finances) Ordinance, 2001 came into force on 30 8 2001 whereas the appellant became owner on 8 2 2001 Effect was that the Ordinance would have no retrospective applicability and thus could not be used to attach property transferred after the promulgation of the Ordinance. Al Haj Chaudhary Muhammad Bashir v. Citibank PLD 1996 Lah. 672 ref. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001) Preamble Ordinance having no retrospective applicability, could not be used to attach property transferred by the ¬-debtor before promulgation of the Ordinance. Al Haj Chaudhary Muhammad Bashir v. Citibank PLD 1996 Lah. 672 ref. (c) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001) S.7 Proof of authenticity of a document Where the sale deed is upon Stamp papers issued by the Treasury Office vide a specific serial number and bought from a general attorney of the vendor in the name of specific person for the purpose of execution of sale deed and the document contains an entry at the back of its page, made by the petition writer showing its date of execution It is difficult to believe that the document is a forged one. (d) Registration Act (XVI of 1908) S.23 Provision of S.23, Registration Act, 1908 prohibits registration of a document executed earlier to four months from the date of its presentation for registration, but it does not invalidate a document registered in violation of the same. (e) Registration Act (XVI of…

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