AL-BARAKA BANK (PAKISTAN) LIMITED versus RAJA ASHFAQ HUSSAIN
Section 15 (11) of the Contract Act (IX of 1872), Section 2 of the Civil Procedure Code (VV 1908), O VII, R10 promulgates the auctioneer to pay the mortgaged property without interruption of the banking court and to be fully formal Set the Bidder This kind of auction is a deposit of 15 Dep of the highest bidder's nominal bid amount, but not submitting a balance of 85% within the stipulated time will result in such a designated person. Four years after the source returned such a counterfeit amount, 15% of the amount was seized. Since the bank had entered into an agreement with the borrower, thus, the bank was obliged to return the nominated person 15% of the bid amount along with the profits when the mortgaged property was offered by the bank, when higher The bidder's proposal was accepted by the respondent and the bank. A binding agreement between the parties came into existence on the basis of such an independent agreement whether it was designated by any of the financial institutions (restoration of financing) Ordinance, 2001 Financial Institutions (Recovery of Finance). Under the Ordinance 2001 Banking Section 15 (11) the property sale cannot be designated with a dispute of opinion. The court had no jurisdiction to entertain the current case.
Related judgments — Karachi High Court Sindh, 2013
