Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)------Ss.9 & 19---Suit for recovery of loan---Execution of decree---Sale of mortgaged goods through auction---Auction-purchaser was declared higher bidder, sale of mortgaged goods was confirmed in his favour and he deposited the balance sale consideration with the Nazir of the Court---Applicant, who had not participated in the auction and had not assigned any reason for not doing so, filed application for acceptance of his bid after sale of goods was confirmed in favour of auction-purchaser---Applicant had not assigned any reason for not submitting the bid before the Nazir of the Court within time prescribed in the public notice---Validity---Bid which was presented by the applicant to the Nazir of the Court, after the close of the auction, had no legal value and could not be considered as same was violative of the right acquired by auction-¬purchaser---Entertaining such requests after closing of sale, was seriously affecting the working as well as sanctity of the auction by Court and it would not be possible to conclude sale through Court auction and the order of the Court would lose its sanctity-No allegation of any mal practices, irregularities and fraud in the process of auction concluded by the Nazir of the Court was found and no one had questioned the legality of auction---Application was dismissed. Hudaybia Textile Mills and others v. ABL and others PLD 1987 SC 512 and UBL v. A.Z. Hashmi and others 2000 CLC 1483 rel. ORDER NADEEM AZHAR SIDDIQI, J.---By this application the applicant Muhammad Amin has prayed for acceptance of his bid which was submitted before the Nazir of this Court on 28th April, 2008 along with original pay order of Rs.1,78,600. On the last date the Nazir was called, who has produced original bid along with original pay order. In this matter notice was published in newspaper on 15-2-2008 and the last date of filing of bid and conducting auction was on 3-3-2008 and Muhammad Raees auction-purchaser was declared higher bidder, who had offered Rs. 18,500 per ton. Nazir has submitted reference for confirmation of sale in favour of Muhammad Races on 4-3-2008 and the…

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