Law:

Section:

Banking Companies (Recovery of Loans, Advances, Credits and Finances) Ordinance (XXV of 1997) ---Ss. 9, 11 & 16 Sale of suit property Issuance of Sale Certificate Appeal against order of Trial Court Offer of appellant/ auction purchaser for purchase of suit property was accepted and sale certificate was ordered to be issued in favour of auction purchaser Auction purchaser moved an application before Banking Court to the effect that he alongwith other shopkeepers of suit property had formed a private limited Company with a view to purchase suit property in the name of said private limited Company and that after submission of bid, and acceptance thereof said private limited Company had been incorporated and certificate of incorporation had also been issued in that respect Auction purchaser in his said application had prayed that sale certificate be issued in favour of the Company as nominee of auction purchaser, but Banking Court rejected said. prayer and confirmed the sale in individual name of appellant/ auction purchaser Validity ¬Bank/decree holder had no objection of the sale certificate was issued in favour of the Company as the Bank was only concerned with recovery of amount advanced by it Even otherwise there would be no illegality in issuing Sale Certificate in favour of newly formed Company of which auction purchaser was one of the Directors Appeal was allowed by the High Court and order of Banking Court was modified to the extent that Banking Court would issue Sale Certificate in favour of Company as prayed for by appellant. ORDER In this 1st appeal the appellant, has assailed the order of Banking Court No.2 at Karachi whereby offer of the appellant for purchase of the demised property for a sum of Rs.15.00 million was accepted and sale certificate was ordered to be issued in favour of the appellant. The appellant had moved an application before the trial Court wherein a request was made that the sale of the demised property may be confirmed in the name of M/s. G One Traders (Pvt.) Limited as their nominee, as earlier requested by them in their bid. Elaborating the arguments Mr. Zia Makhdoom submitted that the shopkeepers of the demised property…

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