1. ' NADEEM AZHAR SIDDQI, J.----Learned counsel for the D.H. States that on the basis of admission by the JDs interim decree was passed under section 11 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (hereinafter referred to as "the said Ordinance") against the JDs. submits that no appeal has been filed against the said interim decree and the same has attained finality and is executable under section 19 of the said Ordinance. He submits that the execution has been filed within one year of the Passing of the judgment and decree and no notice is required to be sent to the JDs. He then submits that execution is required to be issued only against JDs Nos.1 to 4 and that the JDs Nos.5 to 11 are pro forma parties against whom no execution is required.
2. ' The question is whether an Interim Decree can be executable under the provisions of the said Ordinance. The Interim Decree was passed under subsection (1) of section 11 of the Ordinance.
3. Section 14 of the said Ordinance provides that in a suit for enforcement of mortgage of immovable property the Banking Court is not required to pass a preliminary decree, but shall directly pass an interim or final decree for foreclosure sale. Subsection (2) of section 11 of the said Ordinance provides that the interim decree, for all purposes including appeal and execution, be deemed to be a decree passed under this Ordinance. The decree passed is executable as provided under section 19 of the said Ordinance.
4. ' The interim decree in this matter is deemed to be a decree and is executable as such.
5. ' In the reported case of Khawaja Muhammad Dawood Sulaimani v. Election Tribunal and others PLD 2003 Lahore 106, a learned Full Bench of the Lahore High Court held as under:-- "Now coming to the contention raised by the learned counsel regarding the interim decree. The concept of passing the interim decree was introduced by the Legislature, while promulgating the Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997. Section 11 of the said Act provides that a Banking Court is empowered to pass an interim decree in respect of the part of the claim, which appears to be payable by the defendants to the plaintiff. Section 11, subsection (2) provides that the interim decree shall be executable and appealable as a decree passed under the said Act. It flows from the above that the interim decree is a "decree" for all intents and purposes inasmuch as the same is not only executable as a decree but also appealable."
6. ' In another reported case of Messrs Madina Rice Mills v. National Bank of Pakistan and others 2004 CLD 1371, a learned Division Bench of the Lahore High Court held as under:- " "In -view of section 11(2) of the Act, 1997, interim decree, for' all intents and purposes, is deemed to be a "decree" passed under the Act, 1997 including the right of filing of appeal and initiation of execution proceedings. A decree passed under the provision of Act, 1997 is appealable under section 21 of Act, 1997 within a period of Thirty days, from such decree. As noted above, no appeal was filed by the appellants against the interim decree within the prescribed period, therefore, to our mind, the same has attained finality and is a past and closed matter, therefore, cannot be agitated while challenging the final decree."
7. Since in view of the above judgments an interim decree is executable as a final decree in terms of section 11(2) of the A said Ordinance, this execution application is allowed. The Nazir is directed to sell the properties of the JDs 1 to 4 mentioned in the application by public auction at the cost of the D.H. Notices of such public auction shall be published in the daily "Jang" A and daily "Dawn" and in at least one Sindhi language news paper.