Law:

Section:

(a) Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997)---------S.18----Civil Procedure Code (V of 1908), O. XXI, Rr.84 & 85--­Constitution of Pakistan (1973), Art.185 (3)--Leave to appeal was granted by Supreme Court to consider; whether without setting aside the earlier auction, Banking Tribunal could competently issue fresh schedule of auction; and whether confirmation of sale in favour of petitioner, as a result of auction held was legal and valid and High Court in exercise of its Constitutional jurisdiction was justified to set aside the sale and interfered in the matter. (b) Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997)----- ----S. 18---Civil Procedure Code (V of 1908), O.XXI, Rr.84 & 85--­Sale price, non-deposit of---Condoning default in deposit of sale price--­Holding of two auctions---Appellant Was successful bidder of suit property but sale was not approved in his favour, therefore, he did not deposit money in terms of O.XXI, R.84, C.P.C.---Subsequently appellant was directed to deposit the entire amount by a specified date--­Appellant issued a cheque which was dishonoured---Fresh schedule of auction, was published and auction was held but in the meanwhile appellant with the permission of Banking Court deposited the amount of dishonoured cheque in cash---Banking Court confirmed the auction in favour of appellant and also issued sale certificate---Highest bidder of subsequent auction assailed the confirmation of sale in favour of appellant and High Court in exercise of Constitutional jurisdiction set aside that sale---Validity---In case purchaser failed to deposit sale price in full in terms of O.XXI, Rr.84 and, 85 C. P. C., the sale became invalid and Banking Court was under obligation to resell the property forthwith---Appellant having failed to deposit sale price, had lost the right of purchase---Banking Court in such circumstances could not justifiably exercise its discretion, to condone the default and permit the appellant to deposit the sale price---Payment of sale price under the provisions of O.XXI, R.85, C.P.C. was mandatory and Banking Court in normal…

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