Law: Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997

Section: 18

Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XLV of 1997)--S.18---Civil Procedure Code (V of 1908), O.XXI, R.11 & O.XXXIV, R.13---Execution of decree-Mortgaged property---Second charge---Contention of applicant was that it had second charge over the mortgage property, hence was entitled to have share in the amount which was lying with Official Assignee as decree holder had received extra amount from the Official Assignee---Validity---Applicant did not have mortgage decree in its hand and decree in the hands of applicant was simply a money decree hence the provisions of O.XXXIV, R.13 C.P.C. would not apply to applicant---Decree holder, under decrees in execution, was entitled to mark-up from the date of institution of the suit till the date of payment, hence the decree holder was rightly paid by Official Assignee-Application was dismissed in circumstances. Messrs J. Tyler and Co. v. Messrs United Bank Limited PLD 1982 Kar.639 disting. Hussain Bakhsh v. Settlement Commissioner, Rawalpindi and others PLD 1970 SC 1; Industrial Development Bank of Pakistan v. Habib Bank Limited and others Special High Court Appeal No.89 of 2004; Messrs Eagle Star Insurance Co. Limited v. Messrs Usman Sons Limited and others PLD 1969 Kan 123; Messrs Industrial Development Bank of Pakistan v. Messrs Maida Limited and others 1994 SCMR 2248 and Mst. Shanti v. Karachi Transport Corporation and others 2000 CLC 595 ref. ORDER For orders on C.M.A. No.270 of 2009 MUHAMMAD TASNIM, J.---This is an application (C.M.A. No.270 of 2009) under section 151, C.P.C. filed by applicant Messrs Republic Motors (Pvt.) Limited praying therein as under:-- "In view of the above stated facts and circumstances it is prayed that this honourable Court may be pleased to direct the official assignee of this honourable Court to collect the amount wrongly paid to the Decree Holder (Messrs National Bank of Pakistan) in above execution Application and deposit the same in his account till the disposal of this application, and to pay the applicant his share as per decree in Execution Application No.54 of 2006, in the interest of justice." After service of notice of this application,…

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