Law:

Section:

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--------Ss.15(11) & 19(7)---Auction of mortgaged-property ---Appellant in objection petition claiming to be the bona fide owner of the mortgaged property in terms of a registered mortgage-deed in her favour by -debtors---Held, mala fides on the part of the -debtors to mortgage property in favour of appellant subsequent to mortgaging the same property in favour of the decree-holder was proved---Judgment-debtors were not competent to further alienate the property in favour of appellant through a mortgage-deed as the same was not free from encumbrances. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 7, 19(7) & 22---Where an earlier objection petition filed by the appellant was dismissed and appeal against the said order had also met with failure, the order of the Banking Court had attained finality and a subsequent objection petition filed by the appellant on the same ground was not competent. (c) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- -----S.7 & 19---Failure of auction purchaser to deposit the sale price within the prescribed period is a matter between the decree-holder and the auction purchaser or the Court, and it does not give any vested right to the appellant who had filed objections against the auction of that property. JUDGMENT MUHAMMAD AKHTAR SHABBIR, J.---The appellant has taken exception to the order dated 11-6-2003 passed by Judge 13anking Court, Sargodha dismissing the objection petition filed by the appellant. 2. This E.F.A. arises out of the suit for recovery of Rs.3,26,119 instituted by decree-holder/respondent No.1 against Muhammad Siddique and his wife respondents Nos.5 and 6 which had been decreed on 31-10-2000 with costs. During the hearing of the- execution petition, the wife of Muhammad Siddique respondent No.5, died and her legal representatives were impleaded as judgment-debtors. 3. The present appellant filed an objection petition before the Judge Banking Court stating therein that the property under auction had already been mortgaged to her by Muhammad Siddique judgment-debtor and…

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