Law: Cooperative Societies and Cooperative Banks (Re payment of Loans) Ordinance (XIV of 1966)

Section: 8

Cooperative Societies and Cooperative Banks (Payment of Loans) Order, 1972 (Martial Law Order No. 241)--Para. 6 cooperative Societies and Cooperative Banks (Re payment of Loans) Ordinance (XIV of 1966), S.8 ¬Specific Relief Act (I of 1877), Ss. 42 & 54 Suit for declaration and injunction Recovery of loan Auction of mortgaged property Plaintiffs being minors at the time of auction participated through their father, who was brother of mortgagee and an employee of Cooperative Bank Such auction was cancelled as being collusive and irregular Suit filed by plaintiffs was dismissed by Trial Court, which was upheld by Appellate Court Validity Neither proclamation of auction proceedings nor any evidence in respect of its being held with prior permission of Board of Revenue had been produced by the plaintiffs Loan against borrower was Rs.1, 06, 992.75, but mortgaged property had been auctioned for Rs.4,500, which was a ridicules amount on its face Auction had been participated by an employee of Cooperative Bank on behalf of his minor sons (plaintiffs) Composite deposit of Zar e Chaharam and signing of cheque by minor showed that auction was void for not having been held in the manner and way it should have been held All such facts proved the collusion on record Findings of Courts below were issue wise, well ¬reasoned and passed within lawful jurisdiction Bank had received total loan from widows of borrower, which factor was not challenged till yet High Court dismissed the petition as being devoid of force. JUDGMENT The brief facts in this writ petition are that one Abdul Latif real paternal uncle of the petitioners was owner of the land measuring 97 Kanals, 3 Marlas. Out of the total land' he pledged the land measuring 32 Kanals, one Marla with the Cooperative Bank by. way of mortgage but he could not, pay back, the loan. Consequently the property was put to, auction on 17 4 1972. Four persons participated in that auction and. the petitioners who were minors at that time through their father who was the brother of Abdul Latif; paid the highest bid of Rs.4, 500, the total amount, for the land measuring 32 Kanals, 1 Marla in open auction in the year 1972. according to…

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