| Case ID |
1526239e-2b12-4361-b502-60e801173a4b |
| Body |
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| Case Number |
F.A.O. No.57 of 2003 |
| Decision Date |
Dec 09, 2003 |
| Hearing Date |
Dec 09, 2003 |
| Decision |
The appeal was dismissed on the basis that the Executing Court had followed all legal requirements regarding the auction of the mortgaged property. The notice under Order XXI, Rule 66 of the Civil Procedure Code was properly issued to the appellant, and the auction proceedings were conducted without any fraud or illegality. The change in the publication of the auction notice was not deemed significant enough to invalidate the proceedings. The Court affirmed that the auction was conducted in accordance with the law, and the objections raised by the appellant were found to be without merit. |
| Summary |
In the case of F.A.O. No.57 of 2003, the Lahore High Court examined the legality of auction proceedings regarding mortgaged property following a decree in favor of Muslim Commercial Bank Limited. The appellants, KASHIF TRADERS, challenged the execution of the auction, claiming procedural irregularities. The court determined that the Executing Court had appropriately issued notices and that the auction was valid despite objections regarding publication discrepancies. The decision emphasized adherence to legal standards in financial recovery processes, ensuring that due diligence was observed in notifying all parties involved. This case highlights the importance of procedural compliance in financial institutions' recovery actions, reinforcing the legal framework governing auction sales under the Financial Institutions Ordinance and Civil Procedure Code. Given the current trends in legal compliance and financial recoveries, this case serves as a significant reference point for similar disputes, establishing a precedent for future cases. |
| Court |
Lahore High Court
|
| Entities Involved |
MUSLIM COMMERCIAL BANK LIMITED,
KASHIF TRADERS
|
| Judges |
SYED ZAHID HUSSAIN,
MUHAMMAD AKHTAR SHABBIR
|
| Lawyers |
Zafar Iqbal Malik,
Mushtaq Ahmed Khan,
Zafar Iqbal Chauhan
|
| Petitioners |
Messrs KASHIF TRADERS
|
| Respondents |
,
MUSLIM COMMERCIAL BANK LIMITED
|
| Citations |
2004 SLD 2133,
2004 CLD 1318
|
| Other Citations |
Syed Munir Hussain Gilani v. Habib Bank Limited, Township Branch, Lahore and another 2002 CLD 315,
Brig. (Rtd.) Mazhar ul Haq and another v. Messrs Muslim Commercial Bank Limited, Islamabad and another PLD 1993 Lahore 706,
Messrs National Electric Company of Pakistan v. Allied Bank of Pakistan Ltd. and 2 others 1996 CLC 192
|
| Laws Involved |
Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001),
Civil Procedure Code (V of 1908)
|
| Sections |
S.19(7),
O.XXI, R.66
|