GUJRANWALA STEEL INDUSTRIES vs INDUSTRIAL DEVELOPMENT BANK OF PAKISTAN Ss — 2024 CLD 343 LAHORE-HIGH-COURT-LAHORE

Case information

Citation: 2024 CLD 343 LAHORE-HIGH-COURT-LAHORE
Court: Lahore High Court
Year: 2024
Reporter: CLD
Parties: GUJRANWALA STEEL INDUSTRIES vs INDUSTRIAL DEVELOPMENT BANK OF PAKISTAN Ss
Subject matter: Civil
Provisions referred to: S. 23

Fields are extracted from the reported citation and judgment text. Where a detail is not stated in the record, it is not shown.

Judgment text as reported

GUJRANWALA STEEL INDUSTRIES VS INDUSTRIAL DEVELOPMENT BANK OF PAKISTAN Ss.22 & 23---Execution of decree---Redemption of mortgage---Lease hold rights---Banking Court during execution proceedings declared that allotment of suit property in favour of appellant was void---Validity---Question of determination of voidness of allotment, upon satisfaction of decree, fell outside the jurisdiction of Banking Court and S. 23(2) of Financial Institutions (Recovery of Finances) Ordinance, 2001, had no application---Once decree stood satisfied, effect of attachment order disappeared---Lessor, lessee and allottee each were at liberty to plead, raise or agitate their respective claims before Courts having general jurisdiction---Possession of suit property was taken from lessee and delivered to decree holder bank in terms of order of 08-01-2004, and lessee was entitled to have possession upon redemption of lease hold rights---Such arrangement was subject to terms of lease deed and determination of legality of order of cancellation of lease---Rights claimed by appellant was subject to determination of issue of legality of order of cancellation of lease---High Court set aside declaration of voidness of allotment in favour of appellant and lessor, with the lessee and allottee at liberty to seek remedies available in law for enforcement of respective claims---High Court directed that process of redemption of property would be completed and possession of property be delivered to lessee---Appeal was allowed accordingly.

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