Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance, (XLVI of 2001)-------Ss.11 & 19---Interim decree---Execution petition---Interim decree was passed against -debtors---No appeal had been filed against the said interim decree and thus the same had attained finality and was executable as a final decree in terms of S.11(2) of Financial Institutions (Recovery of Finances) Ordinance, 2001---High Court allowed the execution petition in circumstances. Khawaja Muhammad Dawood Sulaimani v. Election Tribunal and others PLD 2003 Lah. 106 and Messrs Madina Rice Mills v. National Bank of Pakistan and others 2004 CLD 1371 ref. JUDGMENT NADEEM AZHAR SIDDQI, J.----Learned counsel for the D.H. states that on the basis of admission by the JDs interim decree was passed under section 11 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (hereinafter referred to as "the said Ordinance") against the JDs. He submits that no appeal has been filed against the said interim decree and the same has attained finality and is executable under section 19 of the said Ordinance. He submits that the execution has been filed within one year of the Passing of the judgment and decree and no notice is required to be sent to the JDs. He then submits that execution is required to be issued only against JDs Nos. 1 to 4 and that the JDs Nos.5 to 11 are pro forma parties against whom no execution is required. The question is whether an Interim Decree can be executable under the provisions of the said Ordinance. The Interim Decree was passed under subsection (1) of section 11 of the Ordinance. Section 14 of the said Ordinance provides that in a suit for enforcement of mortgage of immovable property the Banking Court is not required to pass a preliminary decree, but shall directly pass an interim or final decree for foreclosure sale. Subsection (2) of section 11 of the said Ordinance provides that the interim decree, for all purposes including appeal and execution, be deemed to be a decree passed under this Ordinance. The decree passed is executable as provided under section 19 of the said Ordinance. The interim decree in this matter is deemed to be a decree and is executable as…

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