| Case ID |
0be7a29c-9c3d-4062-9c43-4fbea2d45679 |
| Body |
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| Case Number |
D-2741 of 2016 |
| Decision Date |
Sep 01, 2016 |
| Hearing Date |
Sep 01, 2016 |
| Decision |
The appeal was dismissed as the appellant failed to establish that they were a bona fide purchaser without notice regarding the mortgaged property. The court found that the appellant's claim was not valid as the objector had knowledge of the proceedings and did not fall under the category of a bona fide purchaser. Furthermore, the court reiterated the principle that once a mortgage is executed, it remains effective unless properly discharged. The High Court declined to interfere with the Banking Court's order, thus affirming the judgment. |
| Summary |
This case revolves around the application of the Financial Institutions (Recovery of Finances) Ordinance, 2001, particularly Section 19(7), and the Civil Procedure Code regarding the execution of decrees. The Lahore High Court examined the appellant's claim of being a bona fide purchaser without notice of the mortgage deed executed by the judgment-debtor. The court concluded that the appellant was aware of the prior mortgage and proceedings, thus invalidating their claim. The decision emphasizes the importance of due diligence in property transactions and the binding nature of registered mortgages. Key terms include bona fide purchaser, mortgage deed, and execution of decree, which are critical in property law and financial recovery cases. |
| Court |
Lahore High Court
|
| Entities Involved |
Not available
|
| Judges |
SHAHID JAMIL KHAN, JUSTICE,
ALI AKBAR QURESHI, JUSTICE
|
| Lawyers |
Muhammad Saleem Iqbal,
Rana Muhammad Ashraf Khan
|
| Petitioners |
MST. FARHAT BEGUM THROUGH LEGAL HEIR
|
| Respondents |
2 others,
JUDGE BANKING COURT NO.1 MULTAN
|
| Citations |
2016 SLD 3335 = 2016 CLD 1089
|
| Other Citations |
Not available
|
| Laws Involved |
Financial Institutions (Recovery of Finances) Ordinance, 2001,
Civil Procedure Code, 1908
|
| Sections |
19(7),
O. XXI, R. 58
|