Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss. 9, 10, 19 & 22---Civil Procedure Code (V of 1908), O.XXI, R.90---Suit for recovery of Bank loan---Execution proceedings---Suit filed by Bank against petitioner having been decreed, Bank resorted to execution proceedings for the recovery of decretal amount and during process of said proceedings, orders for auction of property owned by petitioners were passed---Application filed by petitioners under O. XXI, R.90, C.P.C. against auction order was finally dismissed by High Court vide impugned order---Impugned order was conditional order as under said order petitioners were required to deposit decretal amount before Banking Court within a period of one month, but they failed to do so, with the result that sale of house in favour of auction-purchaser was confirmed and certificate of sale was issued and since then property had changed three hands---As process of selling property to satisfy decree had gone a long way, no relief could be granted to petitioners. Iftikhar Ullah Malik, Advocate Supreme Court and Mahmud-ul-Islam, Advocate-on-Record for Petitioners. Ali Akbar Qureshi, Advocate Supreme Court and Sh. Salah-ud-Din, Advocate-on-Record for Respondents. Date of hearing: 30th July, 2004. ORDER IFTIKHAR MUHAMMAD CHAUDHRY, J.-------This petition for leave to appeal has been filed against the judgment dated 16th May, 2002 passed by the Lahore High Court, Lahore whereby F.A.O. filed by the petitioner has been dismissed by means of impugned judgment. 2. Precisely stating the facts of the case are respondent No.1 filed a suit for recovery of Rs.6,78,556 before the Banking Court against the petitioners as they failed to return the amount of the Bank. Petitioners were given an opportunity of hearing and the Banking Court ultimately did not allow them permission to leave to defend the suit and passed a decree in favour of respondent-Bank. The Bank then resorted to execution proceedings for the recovery of the decretal amount and during the process of these…

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