Law: Industrial Development Bank of Pakistan Ordinance (XXXI of 1981)

Section: 39

Law: Transfer of Property Act, 1882

Section: 100

Industrial Development Bank of Pakistan Ordinance (XXXI of 1981)--S.39---Transfer of Property Act (IV of 1882), S.100---Execution of decree for recovery of loan amount---Mortgaged property, attachment of---Objector's application for release of attached property claiming to be owner thereof on basis of gift made in year 1990 by her husband/ -debtor---Validity---Loan documents executed in year 1988 by -debtor in favour of Bank were in respect of other properties---Attached property was mentioned in guarantee as property of -debtor---Judgment-debtor had not executed deed for deposit of title document or mortgaged deed in respect of attached property---Judgment-debtor had not deposited title document of attached property with Bank to create equitable mortgage---Deposit of title document and execution of memo. of deposit of title deed was necessary for creating equitable mortgage---Attached property had not been offered as security in terms of S.100 of Transfer of Property Act, 1882---Bank could not produce any document to show that at any point of time charge had been created against attached property---Objector's application was accepted in circumstances. Mian M. Rafiq Saigol v. Trust Modaraba 2003 CLD 646 ref. Allied Bank of Pakistan Ltd. v. Sainjees Restaurant and Motel 1985 CLC 391 rel. ORDER NADEEM AZHAR SIDDIQI, J.---This application bearing C.M.A. No.252 of 2007 was filed by the objector claiming that she is the owner of Property No.9/2, 5-A, Nazimabad, Karachi and her property may be released from the attachment. In the affidavit in support of the application, it was stated that the objector was never party to the proceedings and has no concern with the respondent-Company. The petitioner has filed counter-affidavit to the application and submits that the property was declared property in terms of section 39 of I.D.B.P. Ordinance, 1987 and simple mortgage in terms of section 100 of Transfer of Property Act was created and the husband of the objector, namely, Abdul Qadir with mala fide intention gifted the property to objector to defeat the recovery process. The objector has filed rejoinder and submits that the property was never mortgaged and at the time of…

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