| Case ID |
2e186711-d70d-4f2e-8086-0b237bffac6b |
| Body |
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| Case Number |
First Appeal No. 109 of 2018 |
| Decision Date |
Dec 05, 2019 |
| Hearing Date |
Oct 29, 2019 |
| Decision |
The Sindh High Court ruled that the mere submission of a bid in an auction does not create any vested rights in the property until a confirmation of sale is issued by the court. In this case, the appellant, being an auction participant, was denied the right to acquire the mortgaged property as the confirmation of sale had not been granted. The court emphasized that the rights of auction participants are established only upon confirmation of sale. The judgment also highlighted that execution proceedings can only continue if the judgment debtor has not satisfied the decree. Since the debtor deposited the decretal amount, there was no justification for continuing with the execution proceedings. |
| Summary |
In the landmark case of First Appeal No. 109 of 2018, the Sindh High Court examined critical issues surrounding the rights of auction participants and the execution of decrees under financial laws. The court emphasized that participation in an auction does not confer ownership rights unless a sale confirmation is issued. This ruling is pivotal for financial institutions and debtors alike, clarifying that the execution process must cease once the debtor fulfills their financial obligations. The case references several important legal precedents, reinforcing the necessity of judicial oversight in auction proceedings. Keywords include 'auction rights', 'confirmation of sale', 'financial recovery laws', and 'judicial execution' which are vital for understanding contemporary legal frameworks in financial disputes. |
| Court |
Sindh High Court
|
| Entities Involved |
Not available
|
| Judges |
MUHAMMAD ALI MAZHAR,
AGHA FAISAL
|
| Lawyers |
Khawaja Shamsul Islam,
Rahman Aziz Malik,
Syed Muhammad Kazim
|
| Petitioners |
MUHAMMAD JAWED THROUGH AUTHORIZED ATTORNEY
|
| Respondents |
FIRST WOMEN BANK LIMITED AND 8 OTHERS
|
| Citations |
2020 SLD 461,
2020 CLD 254
|
| Other Citations |
Nanhelal and another v. Umrao Singh AIR 1931 Privy Council 33,
Nazli Hilal Rizvi v. Bank Alfalah Limited and others 2019 CLD 808,
Nazli Hilal Rizvi v. Bank Alfalah Limited and others 2019 SCMR 1679,
Afzal Maqsood Butt v. Banking Court No.2, Lahore and others PLD 2005 SC 470,
Muhammad Attique v. Jami Limited and others PLD 2010 SC 993,
Muhammad Farooq v. Silk Bank Limited and others (First Appeal 50 of 2018),
Muhammad Khalil v. Faisal M.B. Corporation and others 2019 SCMR 321,
Yawer Kadir v. Banking Court V at Karachi and others 2013 CLD 488,
Muhammad Asif v. MCB Bank Limited and others 2019 CLD 733,
Mumtaz-ud-Din Feroz v. Sheikh Iftikhar Adil and others 2009 CLD 594,
Habib and Company and others v. Muslim Commercial Bank Limited and others 2019 SCMR 1453
|
| Laws Involved |
Financial Institutions (Recovery of Finances) Ordinance, 2001,
Transfer of Property Act, 1882,
Civil Procedure Code (V of 1908)
|
| Sections |
151,
R.1,
9,
17,
47,
31,
19,
90,
66,
65,
89,
91,
XLI,
26,
69,
45,
O.21,
84
|