Law:

Section:

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Preamble---Special Law---Scope---Financial Institutions (Recovery of Finances) Ordinance, 2001, is a special law, therefore, every provision contained therein has to be strictly construed and meticulously adhered to. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S. 19(2)---Execution of decree---Procedure---Executing Court, under S.19(2) of Financial Institutions (Recovery of Finances) Ordinance, 2001, has to choose mode of execution in accordance with the provisions of Civil Procedure Code, 1908, or any other law for the time being in force or in such manner as the Banking Court may at the request of decree holder considers appropriate----Once the Executing Court has chosen the mode provided in Civil Procedure Code, 1908, then it cannot be permitted to divert that mode at subsequent stage without conscious application of mind. (c) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S. 19---Civil Procedure Code (V of 1908), O.XXI, Rr.66 & 67 (2)---Execution of decree---Schedule of sale (auction of property), non-issuance of---Failure to publish notices in newspapers---Judgment debtor assailed auction proceedings on the ground that the same were conducted in violation of mandatory requirements of O.XXI, Rr.66 and 67(2), C.P. C.---Judgment debtor filed objections against auction of mortgaged property which objections were rejected by Executing Court---High Court remanded the matter to Executing Court for deciding objections afresh---Validity---Not only requirements of O.XXI, R.66, C.P.C. were not complied with but also schedule of sale of mortgaged properties was not published in any newspaper, as required under O.XXI, R.67 (2), C.P.C.---Though Banking Court/Executing Court ordered for sale through publication but notice of sale was not published in any newspaper and further notice of proclamation of sale was also not served upon the debtor---Banking Court without satisfying itself whether such notices were published in any newspaper in a mechanical manner accepted the bid of auction purchaser without realizing that…

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