NOOR HAYAT COTTON GINNERS Versus The BANK OF PUNJAB

ABID HUSSAIN CHATTHA, J.---- This Appeal under Section 22 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (the "Ordinance") calls into question the Order dated 16.12.2024 passed by the Executing Court.

2. Precisely, in order to execute the Judgment and Decree dated 08.06.2010 passed by the Banking Court under the provisions of the Ordinance, auction was conducted on 30.08.2024 for the sale of mortgaged property. The Appellants filed Objection Petition under Order XXI, Rule 90 of the Code of Civil Procedure, 1908 (the "C.P.C.") against the auction proceedings. The Executing Court vide order dated 18.11.2024 directed the Appellants to deposit 50% of the sale proceeds amounting to Rs.50,500,000/- on or before 03.12.2024 as a condition precedent for the Objection Petition to be heard on merits, failing which, the same will be dismissed on this sole ground. The Appellants failed to make the required deposit. Consequently, the Objection Petition was dismissed through the impugned Order.

3. It is now well settled that condition to deposit the amount under Order XXI, Rule 90 of the C.P.C. is mandatory when the Executing Court specifically requires such deposit and warns of consequences of non-deposit. Confronted with the above, learned counsel for the Appellants could not point out any illegality, infirmity or jurisdictional defect in the impugned Order.

4. In view of the above, this Appeal is devoid of any merit and the same is hereby dismissed.

MQ/N-33/L Appeal dismissed.