Law:

Section:

(a) Banking Companies (Recovery of Loans) Ordinance (XIX of 1979) S.8 Civil Procedure Code (V of 1908), O.IX, R.13 & O.XXI-- R.93 Constitution of Pakistan (1973), Art 199 Constitutional petition Recovery of Bank loan Ex parte decree against borrower Auction of borrower's property Ex parte decree set aside Refund of purchase money to auction purchaser -Property was put to auction in execution of ex parte decree passed against the borrower and the same was purchased in auction by the respondent Ex parte decree was set aside by the Banking Court and the remained upheld up to Supreme Court Borrower returned the loan resultantly the recovery suit was withdrawn by the Bank Auction money was not refunded to the respondent and the Bank applied to the Banking Court for refund of the same Banking Court directed the Bank to refund the auction money with simple interest of 1596 per annum from the date of deposit of auction money till the date when the order of refund of the money was passed by the Banking Court ¬Validity Where the Bank had utilized the amount deposited by the auction purchaser, the auction purchaser was entitled to refund of all the amount alongwith 1596 per annum profit as granted by the Banking Court Order passed by the Banking Court was modifled to the extent that the auction purchaser was also entitled to refund of all the profit till full and final payment by the Bank High Court directed the Bank to refund the principal amount alongwith 1596 profit per annum to the auction purchaser Constitutional Petition was disposed of accordingly. Muhammad Yousafs case PLD 1989 Lah.322; Abdus Sattar's case PLD 1989 Lah.384; Shambilid Ghori's case PLD 1989 Lah.478; Naseer Ahmad's case PLD 1992 Lah.82; Col. (Retd.) Muhammad Aslam's case PLD 1993 Lah.11; Kunwar Rohani Raman's case AIR 1943 PC 189; Sh. Mehraj Din's case PLD 1965 Lah.374; Iqbal Ahmad's case PLD 1977 Lah. 409; Allah Dia v. Settlement Commissioner Lands 1982 CLC 1908; Hassan Khan v. Mst. Rape Jan 1983 CLC 615; Khalid Saeed v. Hockey Club of Pak. Ltd. 1987 CLC 959; Usman Enterprises v. Collector of Customs, Quetta 1995 CLC 1137; Muhammad Ali v. Deputy Settlement Commissioner PLD 1983 Lah.86; Ghufran…

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