120/2016 I. A Faysal Bank Limited (Appellant) V/S Masood Asghar & another (Respondent)
Bench: Hon'ble Chief Justice Mr. Justice Muhammad Shafi Siddiqui(Author), Hon'ble Mr. Justice Omar Sial
120/2016 I. A Faysal Bank Limited (Appellant) V/S Masood Asghar & another (Respondent) Sindh High Court
Bench: Hon'ble Chief Justice Mr. Justice Muhammad Shafi Siddiqui(Author), Hon'ble Mr. Justice Omar Sial Order Date: 30-JAN-24
Financial Institutions (Recovery of Finances) Ordinance, 2001 (???FIO 2001???) is a special law and covers all proceedings upto execution. In the previous law that is Act of 1997, it enabled the Court to convert the proceedings into execution application on preferring an application whereas the frame of instant law is different as can be seen in terms of Section 19 of the FIO 2001. It provides that upon announcement of Judgment and decree the suit shall automatically convert into execution application. Thus no sooner the Judgment and Decree is passed the proceedings stand converted into execution application and the act does not provide a way to file a fresh execution application, as inadvertently did by the appellant. At the most, since an appeal was pending before this Court and the machinery of execution was not triggered, the application that was inadvertently moved as an execution application could at the most be considered for triggering machinery of the Banking Court where the suit was decreed and converted into execution application.