288/2018 Spl.H.C.A PSRM Steel Pvt Ltd. (Appellant) V/S ASkari Bank Ltd. & others (Respondent)
Bench: Hon'ble Chief Justice Mr. Justice Muhammad Shafi Siddiqui(Author), Hon'ble Mr. Justice Jawad Akbar Sarwana
288/2018 Spl.H.C.A PSRM Steel Pvt Ltd. (Appellant) V/S ASkari Bank Ltd. & others (Respondent) Sindh High Court
Bench: Hon'ble Chief Justice Mr. Justice Muhammad Shafi Siddiqui(Author), Hon'ble Mr. Justice Jawad Akbar Sarwana Order Date: 29-DEC-23
The appellant could hardly be considered to have a case for interference as on the counts as being highest bidder; no vested right could be assumed at such stage;; even the acceptance of an offer is not a vested right which has to pass through the rigorous of Order-XXI Rule-89/90 CPC etc. The appellant, merely on the strength of a highest bidder, cannot insist for acceptance of its offer and/or confirmation when the material available before the court, as shown above, was sufficient to justify the order of reauction of the properties both moveable and immoveable which have been ordered to be highlighted in the sale proclamation to fetch the maximum amount. In terms of sale proclamation, the discretion vest with the Court either to accept or refuse bid(s) subject to valid reasons.