Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss.9, 19 & 22---Civil Procedure Code (V of 1908), O.XXI, Rr.89 & 90---Suit for recovery of loan---Execution proceedings--Failure to redeem mortgaged properly---Suit filed by the Bank against defendant borrower, was decreed by the Bunking Court and mortgaged properly was ordered to be sold---While mortgaged property was in the process of being sold in execution proceedings, plaintiff-Bank offered the defendant to get the properly redeemed, but defendant failed to do so---Sale of mortgaged properly in favour of highest bidder was confirmed---Application filed by the defendant for recall of order of sale having been dismissed by the Executing Court, defendant aggrieved with said order, had filed appeal, contending that he was ready and willing to make payment to the plaintiff-Bank, court ought not to have sold the properly---Validity---held, even after the bids were invited, ample opportunity was given to the defendant to gel the mortgaged property redeemed, but the defendant failed to make payment---No other course was left with the Executing Court, but to confirm the bid of the highest bidder; thereafter it was too late for the defendant to seek yet another opportunity to get the sale set aside Court sale should only be set aside when equitable grounds for nullifying the same existed in favour of the person who owned or held any interest in the properly sold---Said equitable grounds were provided by law under the provisions of Rr.89 & 90 of O.XXI, C.P.C.---Defendant having failed to make payment though ample opportunities were given to him at various stages of the proceedings, no legal infirmity existed in the impugned . ORDER FAISAL ARAB, J.---Respondent No.2 Bank filed a recovery suit against the appellant as the appellant has committed default in the repayments of finance. The suit was decreed and the mortgaged property was ordered to be sold. Respondent No.2 filed Execution Application, which was allowed on 3-10-2000. While the mortgaged property was in the process of being sold, respondent No.2 Bank offered the appellant to get the property redeemed vide its letter…

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