Law:

Section:

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001) S.19 Civil Procedure Code (V of 1908), O.XXI, Rr. 89 & 90 ¬Execution of decree Sale of property in auction Validity ¬Objections by appellants were that the sale had been made in violation of mandatory rules, as Court auctioneer unauthorizedly reduced in the proclamation of sale the reserved price fixed by the Court, proclamation was not affixed at the site and names of debtors and description of the property were erroneously mentioned in the proclamation Offer to the Banking Court by the appellants to pay 5% of auction price in order to set aside the sale Acceptance of offer by Banking Court but failure of appellants to pay the price within the prescribed time ¬Objections of appellant dismissed by Banking Court and sale confirmed in favour of respondent Where a person had applied under O.XXI, R.89(2) of C.P.C. unless the application was withdrawn, he could not be permitted to take the benefit of O.XXI, R.89(2), C.P.C Appellants having given up their grounds of attack on the sale under O.XXI, R.90, C.P.C. and had taken recourse to offer for deposit of auction amount instead, in terms of O.XXI, R.89, C.P.C. there was no illegality in dismissing their objections and confirming the sale if they had failed to deposit the auction amount within the prescribed time Once having made offer to deposit the auction amount in terms of O.XXI, R.89, C.P.C. the appellants were deemed to have given up their plea of O.XXI, R.90, C.P.C. Appeal was dismissed by the High Court. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001) S.19(7) Civil Procedure Code (V of 1908), O.XXI, Rr.89 & 90 ¬Executton of decree Sale of property in auction Validity ¬Where the appellants gave up their grounds of attack on the sale under O.XXI, R.90, C.P.C. and took recourse to offer for deposit of auction amount instead, in terms of O.XXI, R.89, C.P.C. there was no illegality in dismissing their objections and confirming the sale if they had failed to deposit the auction amount within the prescribed time Once having made offer to deposit the auction, amount in terms of O.XXI, R.89, C.P.C. the…

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