Law: Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)

Section: 19

Law: Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)

Section: 19

Law: Civil Procedure Code (V of 1908)

Section: 27(b)

Financial Institutions (Recovery of Finances) Ordinance (LXVI of 2001)-------S.19---Specific Relief Act (I of 1877), S.27(b)---Civil Procedure Code (V of 1908), O.XXI, Rr.83 & 90---Execution of decree-Sale of property other than by auction---Objection to sale---Mortgaged property was put to auction for ten times but could not he sold out---Judgment debtor filed application in Executing' Court, seeking sale of property without auction, as he had a potential buyer---Executing Court with' the consent of decree holder and debtor, sold the property in Court---After sale of property, appellant filed objection petition before Executing Court on tine ground that the debtor had already executed agreement to sell in his favour thus the property could not be sold out---Validity---Banking Court had been given the discretion under S.19 (2) of Financial Institutions (Recovery of Finances) Ordinance, 2001, to execute decree in a manner it considered appropriate at the request of decree holder---Property, in the present case, could not be sold. despite several attempts by Court Auctioneer---Efforts made by Executing Court, whereby a price was obtained which apart from satisfying decretal amount was also acceptable to debtors, could not be said to be unreasonable-Sale dial not at all cause any prejudice to the appellant as a suit for specific performance was pending---Sale would not at all derogate from the terms of agreement subject to its proof in civil Court and the agreement would be enforceable subject to terms of S.27 (b) of Specific Relief Act, 1877, against the subsequent purchaser as well---Appeal was dismissed in circumstances. Navalkha and Sons v. Sri Ramanva Das and others AIR 1976 SC 2037 and Mohiuddin Molla v. The Province of East Pakistan and 2 others PLD 1962 SC 119 ref. JUDGMENT MAULVI ANWARUL HAQ, J.---A suit filed by respondent No.1 against respondents Nos.2 to 6 was decreed by a learned Judge, Banking Court No.III, Lahore, on 8-12-1999 in the sum of Rs.63,62,466 with costs and mark-up. The sale of property stated to be mortgaged by the judgment-debtors was ordered by the learned Executing Court on 7-8-2004. On 5-8-2004 respondent No.3 filed an…

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