| Case ID |
36ab802d-acf2-4e98-804d-6caaecfdad30 |
| Body |
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| Case Number |
Civil Petitions Nos. 1171-L and 1172-L of 2009 |
| Decision Date |
Apr 20, 2010 |
| Hearing Date |
|
| Decision |
The petitioners in these cases are not defendants in the suit filed by KASB Bank nor are they mortgagers related to the facilities obtained by the defendants. Their property was sold in execution of a decree obtained by the Bank. The court noted that one of the petitioners deposited a significant amount to cover auction costs, arguing that they should not be deprived of their property rights as co-owners. The court found that the auction sale was flawed because the auction purchaser did not pay the remaining amount within the required period. Leave to appeal was granted to address these issues, and the case was scheduled for a hearing in September 2010. |
| Summary |
This case involves the Supreme Court of Pakistan addressing the rights of property owners in the context of a financial institution's recovery actions. The petitioners, who were not directly involved in the bank's suit, contested the auction of their property that was executed under a decree against other debtors. The court's decision highlighted the importance of protecting property rights and ensuring due process in financial recoveries. The case sheds light on the complexities of property ownership and financial law in Pakistan, particularly under the Financial Institutions (Recovery of Finances) Ordinance. The petitioners' argument centered on their right to appeal against the auction sale, which was marred by procedural errors, including the auction purchaser's failure to comply with payment terms. This ruling reinforces the legal principle that property rights must be respected, even in recovery actions, and underscores the need for financial institutions to adhere to legal standards. Keywords: financial recovery, property rights, auction sale, Supreme Court of Pakistan, legal principles. |
| Court |
Supreme Court of Pakistan
|
| Entities Involved |
Not available
|
| Judges |
JUSTICE JAWWAD S. KHAWAJA,
JUSTICE KHILJI ARIF HUSSAIN
|
| Lawyers |
Sajid Mehmood Sheikh
|
| Petitioners |
another,
Ms. KAUSER PERVEEN
|
| Respondents |
others,
KASB BANK LIMITED,
Lahore High Court
|
| Citations |
2011 SLD 1934,
2011 CLD 883
|
| Other Citations |
Not available
|
| Laws Involved |
Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001),
Constitution of Pakistan
|
| Sections |
9,
19,
Art.185(3)
|