Sections 15 (10) and 15 (4) of the Code of Civil Procedure (v. 1908), Section 12 (2) for the sale of mortgaged property, misrepresentation, or the failure to recover jurisdiction over the sale of residential property. The suit was pronounced after which the sale was made during the sale. Mortgaged property, some defendants applied for a proper account of the proceeds from the sale under section 15 (10) of the Financial Institutions (Recovery of Finance) Ordinance 2001, which was allowed, and the bank After ordering to send excessive money, other defendants / applicants applied for setting up an order to enter account on account of fraud under Section 12 (2), CPC. And said that the remaining defendants contacted the bank to sell the property. The CPC application under section 12 (2) was rejected by the Banking Court respondents / applicants. Prior to the filing of the accounts, the property bank had adopted the procedure laid down under Section 15 (4) of the Financial Institutions (Recovery of Finance) Ordinance 2001 and issued two auction for mortgage ownership. Notices were posted. On receipt of an application under Section 15 (10) of the Ordinance, in the English daily and an Urdu daily, both of which are in circulation around the country, the other defendants / applicants will be deemed to have been informed by the Banking Court. Serving legit by means of publication in the newspaper. After auctioning this property, and offering the most successful bid, the Financial Institution / Bank will only receive sales from the banking court.
Related judgments — Lahore High Court Lahore, 2013
