PAK LAW GPT — Pakistan Case Law AI justice scale emblemPAK LAW GPTCase law · Urdu & English

PSRM STEELS PRIVATE LIMITED vs ASKARI BANK LIMITED Ss — 2024 CLD 488 KARACHI-HIGH-COURT-SINDH

Case information

Citation
2024 CLD 488 KARACHI-HIGH-COURT-SINDH
Court
Sindh High Court
Year
2024
Reporter
CLD
Parties
PSRM STEELS PRIVATE LIMITED vs ASKARI BANK LIMITED Ss
Subject matter
Criminal
Provisions referred to
Civil Procedure Code (V of 1908)

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

PSRM STEELS PRIVATE LIMITED VS ASKARI BANK LIMITED Ss. 19 & 22---Civil Procedure Code (V of 1908), O.XXI, Rr. 89 & 90---Execution of decree---Highest bidder---Vested right---Re-auction---Appellant was the highest bidder who had only deposited 25% of bid money and did not deposit remaining amount---Appellant was aggrieved of order passed by Executing Court to re-auction mortgaged properties---Validity---Appellant as the highest bidder did not assume vested right at such stage---Even acceptance of offer was not a vested right which had to pass through the rigorous of O. XXI, Rr. 89/90, C.P.C. etc.---Merely on the strength of a highest bid, appellant cannot insist for acceptance of its offer and/or confirmation when material available before the court was sufficient to justify order of re-auction of properties both moveable and immoveable which had been ordered to fetch the maximum amount---Unless and until bid was confirmed and sale certificates were issued the absolute rights of highest bidder could not surface---High Court declined to interfere in the matter---Appeal was dismissed, in circumstances.

Other judgments reported in 2024 CLD

Back to the case-law library · Search Pakistani case law in Urdu or English