23/2008 Execution Bankers Equity Limited & others (Decree Holder) V/S M/s Pangrio Sugar Mills Ltd. (Judgment Debtor)

23/2008 Execution Bankers Equity Limited & others (Decree Holder) V/S M/s Pangrio Sugar Mills Ltd. (Judgment Debtor) Sindh High Court

Bench: Hon'ble Chief Justice Mr. Justice Muhammad Shafi Siddiqui(Author) Order Date: 27-FEB-17

The Banking Court while executing a decree passed under Financial Institutions (Recovery of Finances) Ordinance, 2001 is entitled to adopt any procedure deemed appropriate by it to effect sale of mortgaged properties in execution of a decree. Judicial sanctity in disposing of the mortgaged property through Court auction is required to be reaffirmed. Such sanctity could only be disturbed if there is a material irregularity which leads to fraud to cause loss to any one which is not the attribution. Mere allegation that the property worth more than it was evaluated is not sufficient. Every judgment debtor, if allowed to plead the value of his property there can hardly be any auction which could be conducted. There was nothing to prevent the judgment debtor during these ten years since decree was passed in 2006 to bring a buyer of its choice who could offer a price as it (judgment debtor) desires. The Court while considering the objections of the judgment debtor has also to weigh and consider the miseries and pain undertaken by the decree holder. It is within the domain and propagative of the banking Court to adopt any of the procedure it deems fit and proper and hence this question is not of any material importance that the bid is substantially low as compared to the reserved price or forced sale price.