Law:

Section:

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)----Ss. 19 & 9---Auction sale of mortgaged property---Court auctioneer himself admitted in his report that at the time of auction, neither any of the representatives of the, decree-holder nor of -debtors were present, but two officers of the decree holder arrived at 10.35 am along with six prospective bidders. seeking to participate in the auction proceedings but were denied the participation in the auction---Order of the executing Court to the effect that the refusal of the Court auctioneer to allow the prospective bidders arranged by the decree holder to participate in the auction was improper and in the prevailing circumstances and the facts surrounding the auction, completion of the auction proceedings in thirty minutes (between 10 a.m. to 10.30 a.m.) was neither possible nor probable and thus the possibility that no auction was held and the report was collusively completed was justified---No exception could be taken to the order of the executing Court to accept the objection petition against the auction proceedings. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ---Ss. 19 & 9---Court auction of mortgaged property---Bid in auction is only an offer and without the confirmation of sale, it does not create any right in the property in favour of successful bidder. Nasir Mushtaq Sheikh v. Platinum Commercial Bank Limited E.F.A. No.33 of 2004; Afzal Maqsood Butt v. Banking Court No.2 Lahore 2005 CLD 967 and Messrs Rasu Food Industries and another v. Messrs Pakistan Industrial Leasing Cooperation Limited and others 2005 SCMR 1643 ref. (c) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ---Ss. 19 & 9---Order of Court auction of mortgaged property---Such sale not confirmed by the executing Court---Decretal debt amount having been settled by the -debtors in the meanwhile and property redeemed, the execution proceedings completed on satisfaction of the decree---Bidder, in such auction, could not be held entitled to any legitimate relief under law. JUDGMENT MUHAMMAD SAIR ALI, J.---Suit of Muslim Commercial Bank Limited (the…

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