Law:

Section:

(a) Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997) --S.18(6) Civil Procedure Code (V of 1908), S.73(1)(b) ¬Execution of decree Property belonging to debtor was attached and sold in public auction Factum of respondent being mortgagee of such property before institution of suit was not denied Respondent joined execution proceedings and allowed such property to be sold without any objection Held, respondent had a right to claim sale proceeds of such property in view of S.73(1)(b), C.P.C. (b) Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997) Ss. 18(6) & 21(1) Civil Procedure Code (V of 1908), S.73(1)(b) Execution of decree Respondent (non party to suit) filed objection petition claiming to be mortgagee of property belonging to debtor before institution of suit Property was sold and Bank (decree holder) withdrew amount of sale proceeds from Court Respondent as mortgagee of property filed application seeking payment of such sale proceeds to him Executing Court accepted such application and directed Bank to deposit such amount in Court for its onward payment to respondent Bank's application praying for recall of such order was dismissed by Executing Court Validity None of impugned orders fell within category of orders stated in S.21(1) of Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997 High Court dismissed appeal being incompetent. JUDGMENT MAULVI ANWARUL HAQ, J. In execution of a decree passed by a learned Banking Tribunal, Lahore, on 17 3 1996 in favour of the appellant and against the respondent No.1, a property belonging to the said judgment debtor was attached vide order dated 14 10 1996. While the attachment was continuing, on 24 4 1998 the respondent No.2 filed an objection petition intimating, the Court that the property stands mortgaged with the respondent No.2. While the said application was pending the property was sold in a public auction on 27 7 1998 and the sale was confirmed on 7 8 1998. The appellant filed an application on 10 11 1998 for the release of the consideration amount of Rs.34,00,000. It was undertaken by the appellant that the…

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