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

Section: 19

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)---Ss. 19 & 22---Banking Companies Ordinance (XLVII of 1984), Ss. 30S & 318---Execution of decree---Plea of appellants-guarantors was that decree could not be executed against them, until goods pledged with Bank by borrower-Company were sold---Company had already been ordered to be wound up by Company Bench of High Court, which was competent forum to decide all questions relating to pledged goods---High Court disposed of appeal with observations that both parties would be free to assert their respective contentions before Company Bench. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----Ss. 19 & 22---Civil Procedure Code (V of 1908), S.51--­Execution of decree---Issuing warrants of arrest and detention of appellants-guarantors without fulfilling requirements of S.51, C.P.C., being conditions precedent to their arrest---Validity---Decree passed against defendants including appellants was joint and several---Such decree could be executed by all means available under law including execution through sale of properties of appellants and where justified, by detaining them in prison---Banking Court had not made any factual determination that such conditions precedent existed to justify arrest of appellants--­Such warrants of arrest were not in accordance with law--­High Court disposed of appeal with observations that Banking Court could issue fresh warrants for arrest after coming to conclusion that conditions precedent for issuance thereof existed. JUDGMENT JAWWAD S. KHAWAJA, J.---This appeal and E.F.A. No. 19 of 2003 are being decided together as the appellants in both appeals are aggrieved of the same order of the learned Single Bench dated 27-12-2002. 2. The facts leading up to the filing -of these appeals are relatively straightforward. Habib Bank Ltd. respondent decree-holder had filed a suit against Messrs Leatherite Limited (respondent No.2) and others including the appellants. A joint and several decree dated 30-3-1998 was passed against all the defendants including the present appellants for a sum of Rs.80,366,920.68. The said decree has…

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