1. MS. RUKHSANA' AHMED, J.---From the perusal of the record it appears that since April, 2009 the execution application has been proceeding for service -upon the judgment debtor and even today the bailiff has reported that on the address supplied by the decree holder, the judgment debtor is not available. Perusal of section 19(1) of the Financial Institutions (Recovery of Finances) Ordinance, 2001, benefit of execution of a decree has been given to the decree holder and there is no need to exercise procedure of notice on the judgment debtors. The said section is reproduced as under:- "19. Execution of decree and sale with or without intervention of Banking Court. --(1) Upon pronouncement of judgment and decree by a Banking Court, the suit shall automatically stand converted into execution proceedings without the need to file a separate application and no fresh notice need be issued to the judgment-debtor in this regard. Particulars of the mortgage, pledged or hypothecated property and other assets of the judgment-debtor shall be filed by the decree- holder for consideration of Banking Court and the case will be heard by the Banking Court for execution of its decree on the expiry of 30 days from the date of pronouncement of judgment and decree: ' Provided that if the record of the suit is summoned at any stage by the High Court for purposes of hearing an appeal under section 22 or otherwise, copies of the decree and other property documents shall be retained by the Banking Court for purposes of continuing the execution proceedings."
2. In view of the above service is not required and the execution proceedings should proceed herewith for attachment. Accordingly, the Official Assignee is directed to conduct the sale of the mortgaged properties pledged with the decree Holder within three months. Office is directed to send notice with copy of this order to learned Official Assignee.