NATIONAL BANK OF PAKISTAN versus SAF TEXTILE MILLS LTD.
Constitution of Pakistan, Arts 3, 10A and 24 Civil Procedure Code (v. 1908), AXXI, RR 66, 72 (1) and Section 15 of the 90 Financial Resources (Restoration of Financial Ordinance, 2001) Mortgage sales to financial institutions. Ensure a fair and transparent sale by the Financial Institution Sale through auction with no reserve price to the Identity Mortiger without the intervention of the Court under Section 15 of the Finance (Recovery of Finance) Ordinance, 2001 No object to create. According to Section 15 (4) of the Financial Institutions (Recovery of Finance) Ordinance 2001, a financial institution was authorized to sell a specially-owned property without the intervention of the court when the sale was made (real or hypothetical), a The sale was to be executed in connection with this property by a financial institute, which was authorized by section 15 (7) of the financial institutions. ) After the registration of the Ordinance, 2001, the sale deed, all the rights, title and interest of the mortgagee / lender in the mortgaged property will cease and all such property provided to the buyer by section 15 (8) of the financial institutions. Has to keep free from all obstacles. (Recovery of Finance) Ordinance, 2001, where the mortgaged property, after which the mortgaged property was sold, had to submit an appropriate account to the banking court in accordance with the provisions of section 15 (10) of the same ordinance financial institutions (Finance). Recovery of the)) There is no provision in the Ordinance, 2001, which allowed the mortgagor / debtor to object to the sale in such manner after the hammer was removed. The mortgagor / debtor also has the right to admit it
