Law:

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Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997) Ss.18 & 21 Civil Procedure Code (V of 1908), O. XXI, Rs.23 A, 58, 59 & 60 Execution of decree Objection petition by appellant seeking de attachment and release of disputed property Banking Court dismissed objection petition Validity Appellant in capacity of one of ¬debtors had filed objection petition Banking Court had dismissed objection in a summary manner without directing appellant to comply with provisions of O. XXI, R.23 A, C.P.C. Bank did not object to remand of case, if appellant was directed to pay decretal amount before entertaining of objection petition High Court accepted appeal, set aside impugned order with direction that Banking Court would entertain objection petition only after deposit of decretal amount by appellant and would then decide the same after affording adequate opportunity to parties to produce evidence to establish their claims; but if appellant failed to deposit decretal amount within stipulated time, then his objection petition would be deemed to have been dismissed. ORDER Abdul Majid, the appellant/judgment debtor, through the filing of the present appeal has called in question order, dated 16 5 2001, whereby the learned Banking Court dismissed appellant's objection petition. 2. Facts leading to the filing of the present appeal are that respondent No.1 filed a suit for recovery of Rs.35,31,641 alongwith the liquidated damages, against the appellant and other respondents, which was decreed by the learned Banking Court vide judgment and decree, dated 12 4 1997 and consequent to that the respondent Bank initiated the execution proceedings, during which Property No.XXXVII II S 6 measuring 4 1/2 Marlas situated in Rasul Nagar, Gulberg III, Lahore (hereinafter referred to as disputed property) was attached. The petitioner filed an objection petition under Order XXI, rules 58, 59 and 60, C.P.C. before the learned Banking Court praying for the de attachment and release of the disputed property. This application was of course, opposed by the respondent Bank and ultimately the learned Banking Court dismissed the said application vide order, dated…

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