Law:

Section:

(a) Transfer of Property Act (IV of 1882) Ss. 54 & 58 Sale of immovable property Charge on property sold Plots in question had been mortgaged with Bank since 1990, as security for financial facility ¬Purchaser of the plots claimed to be a bona fide purchaser for valuable consideration and relied upon sale deeds which were of latter date i.e. 24 3 1992 Effect Property was encumbered at the time of sale in favour of the purchasers and was not free of charge Such transaction could not be claimed a bona fide as the purchaser on due inquiry would have known of the fact of mortgage and encumbrances ¬Purchaser did not act with due care in the matter in circumstances. (b) Banking Companies, (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997) Ss. 9 & 18 Civil Procedure Code (V of 1908), O.XXI R.58 Constitution of Pakistan (19731) Art. l99 -Constitutional petition Recovery of Bank loan Necessary parties Execution proceedings Objection under O.XXI, R.58, C.P.C. Petitioners claimed to be bona fide purchasers of properties mortgaged with the Bank on the basis of sale-¬deeds Banking Court disallowed the objection filed by the petitioners Petitioners claimed to be necessary party in the proceedings initiated by Bank against the borrower as they were bona fide purchasers of the properties for valuable consideration and the decree was obtained by Bank without impleading them in the suit Validity Bank proceeded on the basis of record available with it according to which the disputed property was mortgaged with the Bank Any dealing by the mortgagor/borrower would not have come its knowledge unless disclosed by the mortgagor, borrower Bank had acted in accordance with law, in suing only the parties to the transactions with it Mortgage of property and sale claimed by the petitioners being of a later date, no further investigation was warranted in the facts and circumstances of the case Banking Court had rightly dismissed the objection petition filed by the petitioners ¬Petition was dismissed in circumstances. Malik Munsif Awan for Petitioners. Respondent No. 10 in person. JUDGMENT In a suit for recovery filed by the Allied Bank of Pakistan (respondent No.…

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