Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss. 19 & 22---Civil Procedure Code (V of 1908), O.XXI, Rr.66 & 90---Execution of decree---Sale of mortgaged property---Objection against such sale---Appeal to High Court---After conduct of auction of mortgaged properties, the decree-holder/Bank and one of -debtors filed objection petitions against sale of said properties alleging that same had been sold away at a throwaway price, whereas the value of the properties was much higher---Banking Court holding that the properties had not been sold properly and lawfully and auction proceedings lacked transparency, set aside the auction conducted by the Court Auctioneer in favour of auction purchasers, with further direction to refund the auction price received from the successful bidders/appellants---Said auction purchasers had filed appeal against of the Banking Court---Both -debtors and decree-holder/Bank had concurrently alleged that properties in question had been sold on a throwaway price and requested not to confirm sale in favour of the appellants/successful bidders---Validity---Held, it was the duty of Executing Court to protect the rights of the parties, which were not to be jeopardized and sacrificed at the altar of execution of decree---In execution of decree, proper price should be fetched through the sale of property and were not to be sold at throwaway and paltry price---Highest bidder, would not earn any edge over on the basis of fake auction or collusive sale and auction was always subject to confirmation of Executing Court---Appeal was dismissed and Bank was directed to refund the amount of sale to auction purchasers accordingly. ORDER In the present appeal order dated 3-5-2008 passed by learned Judge Banking Court, Bahawalpur refusing to confirm sale in favour of the appellants/auction purchasers has been challenged. 2. Facts of the case are that Allied Bank Limited, Eid-Gah Branch, Karachi instituted a recovery suit against Messrs Trader Craft etc. in the Banking Court, Karachi for the recovery of Rs.65,17,871 which was decreed on 2-4-1995. For the satisfaction of the decree, an execution petition for the recovery…

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