Law:

Section:

Punjab Undesirable Co-operative Societies (Dissolution) Act (I of 1993)--- ----Ss. 5, 11 & 17---Shop sold by defunct society through agreement dated 21-9-1991 after receiving total price and delivering its possession to claimant---Receipt of liquidation charges from claimant by Liquidation Board, but its refusal to execute sale deed in his favour on ground that such sale was prohibited vide Notification dated 28-7-1991; and that such sale through payment of SMRs held by sister-in-law of claimant was not legal---Validity---Claimant had paid sale price and was in possession of shop since 21-9-1991--- Board after receipt of liquidation charges on 5-9-2007 was legally bound to execute sale deed in favour of claimant---SMRs of sister-in-law of claimant had been enchashed---As per policy/scheme of Board envisaged in its Circular dated 30-1-2006 approved by Co-operative Judge, SMRs of near relatives/family of loanee were acceptable---Board of Revenue through Notification dated 28-7-1991 had not prohibited sale of assets of defunct societies, but had only attached a condition of NOC thereto---Board was denying a valid legal right accrued to claimant on basis of mere technicalities---Claimant was bona fide purchaser for value and in possession of shop till yet under agreement to sell, thus, entitled for execution of sale deed---High Court directed Board to complete process for final disposal of shop in favour of claimant within specified time. ORDER IJAZ AHMED CHAUDHRY, J.---Through the present petition under sections 11 and 17 of the Punjab Undesirable Co-operative Societies (Dissolution) Act, 1993, Bashir Ahmad petitioner seeks a direction to the Punjab Co-operative Board for Liquidation to execute the formal sale deed in favour of the petitioner. 2. Briefly the facts of the case are that National Industrial Co-operative Finance Corporation Limited (defunct company) owned shop No.53 measuring 14 x 10 feet situated on the ground floor of Sadiq Plaza, Shahrah-e-Quaid-i-Azam, Lahore. The said Co-operative Finance Corporation on 21-9-1991 entered into an agreement to sell the said shop to the petitioner for a total consideration of Rs.8,40,000. The said amount was…

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