1. Heard Mr. Salim Salam Ansari, for the petitioner and Mr. Naveedul Haq, for respondent No,1; Mr. Sultan Ahmed Khan, for respondent No, 2, is called absent without any intimation.
2. ' Both the learned counsel have argued, at the bar, that the provisions of section 15 of the Financial Institutions A (Recovery of Finances) Ordinance, 2001, are directory in nature and that the same are not mandatory and further that no penal consequence has been provided under the said provisions and further that the cases of the present nature are to be heard and decided on merits and not merely on the basis of technicalities.
3. ' Learned counsel for respondent No, 1 has further stated at the bar that sale proceeds of the mortgaged property in question have already been deposited by the respondent before the learned Banking Court and that the sale-deed of the said property also stands executed and at present only the part remaining to be performed towards completion of the said B mortgaged property under execution of the suit, is to deliver the possession of the property to the petitioner.
4. Learned counsel for the respondent No 1 has placed reliance on Bank of Khyber v. Messrs Spencer Distribution Limited and others 2003 CLD 1406. Learned D.A.-G also supports the petition against the impugned order.
5. ' Under the circumstances, this petition is hereby admitted as well as allowed; impugned order is set-aside and the case is remanded to the learned trial Court with direction to re-hear the parties on the point involved in the case and to decide the same afresh in accordance with the relevant provisions of law.