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PANGRIO SUGAR MILLS LTD vs BANKERS EQUITY LIMITED Ss — 2025 CLD 1355 KARACHI-HIGH-COURT-SINDH

Case information

Citation
2025 CLD 1355 KARACHI-HIGH-COURT-SINDH
Court
Sindh High Court
Year
2025
Reporter
CLD
Parties
PANGRIO SUGAR MILLS LTD vs BANKERS EQUITY 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

PANGRIO SUGAR MILLS LTD VS BANKERS EQUITY LIMITED Ss. 19 & 22---Civil Procedure Code (V of 1908), O.XXI, R. 92---Execution of decree---Confirmation of sale---Consideration less than reserve price---Appellant / Judgment Debtor was aggrieved of confirmation of sale through auction due to inadequacy of sale price---Plea raised by appellant / judgment debtor was that sale price was neither supported by any independent evaluation or any offer of any prospective buyer, whereas inspite of repeated attempts none come forward to offer any bid whatsoever for subject mill---Validity---Court sale is a forced sale and contains certain elements of risk with a chance of litigation and for such reasons properties auctioned by Court do not usually fetch reasonable price as per market value, which it otherwise could fetch between two private persons---In respect of sale by Court there is no straight jacket formula for determination of sale price---Relevant laws of execution of decree provide maximum opportunities to mortgagor to redeem property and discourage any clog against equity of redemption but do not provide undue favour to prolong execution or auction proceedings on flimsy grounds to a chronic defaulter who fails to make payment of admitted liability pursuant to compromise decree inspite of long period of time provided by Court---Once auction is conducted successfully the auctioneer's report must be taken up in Court for orders at the earliest, if not on the next day accepting or rejecting the sale---In the present case sale was confirmed after adopting all required legal formalities as provided under O. XXI C.P.C. and relevant rules---High Court declined to interfere in auction proceedings as there was no illegality, infirmity, misreading or non-reading of facts by Executing Court---Appeal was dismissed in circumstances.

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