Law:

Section:

(a) Financial Institutions (Recovery of Finances) Ordinance (XL VI of 2001)-------S.19---Civil Procedure Code (V of 1908), O.XXI, Rr.58, 59, 89 & 91---Transfer of Property Act (V of 1882), Ss.41 & 54---Execution of decree---Sale of mortgaged property---Objection petition by holder of agreement to sell claiming to be bona fide purchaser of such property---Dismissal of objection petition---Validity---Mere assertion of right on basis of agreement to sell would not furnish adequate basis and locus standi to objector to claim any indefeasible right in such property---Objector, before entering into such agreement, had neither claimed/inspected original title documents of property nor explained that how and when objector acquired any interest in such property---Judgment-debtor had not raised objection to sale by auction---Court sale would never attain finality, if same was allowed to be assailed and annulled on such flimsy claims---Any -debtor could induce any one to enter into agreement to sell in order to frustrate decree or sale conducted in execution thereof---Objector had not complained that he was not afforded opportunity to establish his claim or he wanted to produce any evidence or further investigation was required in the matter---Objector could not be regarded as bona fide purchaser of property---Objection petition had been rightly dismissed---High Court dismissed appeal. Hudaybia Textile Mills Ltd. and others v. Allied Bank of Pakistan Ltd. PLD 1987 SC 512 rel. Shaukat Ali Mian v. Trust Leasing Corporation Ltd. through Chief Executive and 4 others 2002 CLD 1071 distinguished. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S.19----Civil Procedure Code (V of 1908), O.XXI, R.89---Execution proceedings---Objection to sale of property---Amount deposited by objector along with objection petition---Dismissal of objection petition---Banking Court ordered return of such money to objector with mark-up---Validity---Decree-holder-Bank had made use of such amount---Impugned order was just and equitable---High Court dismissed appeal. ORDER Judgment dated 19-6-2004 by which the Banking Court-I, Lahore dismissed the objection…

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