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UNITED BANK LTD., LAHORE versus JUDGE BANKING COURT NO.IV, LAHORE

Sections 15 (2) (3) (4) (5) (6) (7) and (8) Banking Companies (Debt, Progress, Credit and Recovery of Financial Issues) Act (XXV of 1997), Section 18 (2) (3) Constitution of Pakistan (1973), Article 199 Constitutional application for recovery of debt Prohibition order preventing the authorities from selling the property of the decedent by auction, to its obligations under the loan agreement Failing to comply, the bank filed a debt recovery case which was ordered under section 12 (2) of the petition filed by the bankruptcy court, which was rejected by the banking court with some observations. Placing order under Tool / Bank stopped selling the property by auction to the debtor without a court order. Submission to the banking court in which the court was appointed, and the authorities were instructed to pay legal fees as well as fees to the court auctioneer. The decree holder was barred from selling the property for the judgment's indebtedness. The order of the Banking Court to hold the holder was not in accordance with the essential provisions of Sections 18 (2) and (3) of the banking companies (loans, Progress, Credit Recovery (Act, 1997) and Section 15 (Financing Recovery) Ordinance provisions of the Financial Institutions were violated, the order / observation of the 2001 Banking Court was set aside and an order was issued The decedent was instructed to pay the court auctioneer a fee, along with legal costs. , Too, was set aside and the matter was referred to the Banking Court so that the Banking Court decided on the relevant observation which would suit all concerned. top advocate from FR DI Khan lawyer