Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss. 9, 19 & 22---Civil Procedure Code (V of 1908), S.55---Suit for recovery of loan---Execution of decree---Arrest of ¬-debtor--Conditions--Appeal had arisen from the order passed by the Executing Court, whereby warrant of arrest was issued against -debtor---Mortgaged property was sold and certain amount was recovered and balance amount was to be recovered--Against said outstanding amount -debtor gave an assurance and issued cheques, which could not be honoured---Executing Court passed order of imprisonment of -debtor, who filed appeal against said order, deposited amount with the Nazir of the court and sought his release---Said appeal, however was dismissed for non-prosecution and he filed restoration application, notice of which was issued to the respondents---Counsel for Financial Institution had submitted that the Financial Institution was interested in the recovery of the decretal amount and had no objection, if the appeal was restored and disposed of on merits---In view of statement of the Financial Institution, Court restored the appeal and took up the same for hearing---Held, -debtor could not be ordered to be imprisoned only because he was unable to satisfy the decrees---Order of imprisonment was to be passed only when -debtor became dishonest and concealed his financial resources from which he could satisfy the decree---Out of the balance decretal amount, some amount had been deposited by the -debtor in the court---With regard to the balance amount, with future cost of funds, -debtor would disclose before the Executing Court all his sources of income as well as list of properties which he, his wife or his children owned---All said information would be placed in the shape of an affidavit to be sworn by the -debtor within specified period---Financial Institution would be fully entitled to confirm the genuineness of such affidavit and in case it was subsequently found that Judgment-debtor had concealed his properties or financial resources from which decree could have been satisfied the Executing Court would be free to pass order in term of S.55, C.P.C. and order his arrest.…

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