Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------Ss.9. 15 & 19---Suit for recovery of loan---Execution of decree--Sale of mortgaged property without intervention of the Court---Issuance of sale certificate---Application for--Applicant/auction purchaser had sought issuance of sale certificate in respect of mortgaged property purchased by her through auction---Property in question which was mortgaged with decree-holder Bank, was sold by Bank without intervention of the Court in favour of applicant/auction purchaser---Since sale without intervention of the Court was effected after passing of decree, matter fell squarely within the purview of S.9 Financial Institutions (Recovery of Finances) Ordinance, 2001---In case of a sale of mortgaged property by a financial institution without intervention of the Court, mode of transfer of title would be through the execution of a deed of conveyance by the said financial institution and not by the Court through a sale certificate. United Bank Limited v. Defence Housing Authority 2004 CLD 215 ref. Amir Zahoor Chohan for Applicant. ORDER SH. AZMAT SAEED, J.---This is an application by the alleged auction-purchaser seeking issuance of the sale certificate in her favour. It appears from the record that the property in question was mortgaged with the decree-holder Bank. Apparently, the decree-holder-Bank without intervention of the Court sold the property in favour of the present petitioner on 23-4-2000. Whereafter C.M. No.396-B of 2001 was filed by the decree-holder-Bank seeking approval thereof. Whereupon the notice was issued to the present petitioner. The accounts were filed by the decree-holder-Bank, whereafter, vide order dated 18-6-2002, the said accounts were approved and vide order of the same date i.e. 18-6-2002, the execution application was disposed of and consigned to the record. Now the present application has been filed seeking issuance of the sale certificate pursuant to the sale made by the decree-holder-Bank without intervention of the Court. 2. In the instant case a decree was passed in favour of the financial institution upon a suit filed by it against the judgment-debtor in…

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