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

Section: 15,15(6),19

Law: Civil Procedure Code (V of 1908)

Section: O.XXI,R.58

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)---Ss. 15(6) & 19---Civil Procedure Code (V of 1908), O.XXI, R.58---Execution of decree---Possession of mortgaged property---Recovery of decretal amount from sale of other properties mortgaged with Bank---Objector claimed to be bona fide purchaser of one of the mortgaged properties and had made thorough inquiries about the lawful title of the property---Objector contended that there were other substantial properties of the defendant mortgaged with Bank from which the decree in favour of the Bank could be fully satisfied---Parties, in order to settle, the matter had mutually agreed that the possession of the property in question be restored to the objector and the Bank. would first attempt to satisfy its decree by sale of the other mortgaged properties---Parties also agreed that in case the decree was not satisfied from the sale of the other properties, the objector would pay the balance decretal amount to the Bank---Effect---High Court directed the Bank to keep the objector informed about the position of sale of the other properties, so that transparency in the sale of properties could be maintained---High Court, on the other hand, restrained the objector from sale/alienation of the property in question till such time the decree passed by the Banking Court was fully satisfied---Order of delivery of possession of property in question passed by Banking Court in favour of the Bank was set aside accordingly. JUDGMENT MIAN SAQIB NISAR, J.---Respondent No.1/Union Bank Limited, filed a suit for 'recovery against the respondents Nos.2 to 6, for an amount of Rs.64,00,000. It may be pertinent to state that in order to secure the finance, the said respondents had mortgaged the following seven properties:-- (1) Building bearing No.717-A/ 1 Township., Lahore measuring 1 Kanal, 8 Marlas and 197.5 sq. ft: (2) House No. 102, Block M measuring 1 Kanal and 204 sq. ft. Gulberg III, Lahore. (3) Plot No.79, Block B Sheeraz Housing Scheme bearing Khasra No.519, Khewat No.6, Khatooni No. 12, Mouza Bagrian, Dharam Chand, Tehsil and District Lahore measuring 1 Kanal. (4) House No.52 1/2 portion, Street No.107,…

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