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2008 CLD 1170

Messrs GOLD STAR PAPER MILLS (PVT.) LTD. and 3 others vs NATIONAL BANK

Citation2008 CLD 1170
CourtSindh High Court
Case No.Suit No,B-48 and C.M.As. No,7011, 7012 of 2008 C.M.As. No,7011, 7012 of 2008
Date2008-07-09
Judge(s)Qaiser Iqbal
ResultOrder accordingly

ORDER

' MRS. QAISER IQBAL, J.---Granted.

2. It is inter alia contended that the plaintiff No,1 is a company engaged in carrying out manufacturing of papers and paper products consisting of its Board of three Directors. On the request of the plaintiff No,1 the finance facilities were extended in favour of the plaintiff by the defendant upon execution of the documents as envisaged under the Banking system and the immovable properties shown in para.11 of the plaint were mortgaged as security and immovable property plot bearing Survey No,58/3, situated in Deh 110 Tapo Pir Azeem Shah, Taluka and District Mirpurkhas (Sindh) admeasuring 2-06 Acre was mortgaged with the Bank. On account of publication effected by the Bank in daily Kawish dated 4-7-2008 the defendant in violation of section 15 of Financial Institutions (Recovery of Finances) Ordinance, 2001 is bent upon to auction the aforementioned property. It is urged that the auction notice is in violation of the Ordinance, 2001 and is liable to be suspended.

' Contention raised requires consideration. Notice to the A defendant for 4-8-2008. In the meanwhile the operation of the notice published in daily Kawish is hereby suspended and the defendant is restrained from creating third party interest in the said property till the next date of hearing.

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