-Auction proceedings--Tripartite agreement--Settlement between parties--Acceptance of pay order--Issuance of sale certificate-

 PLJ 2021 Lahore (Note) 128

Banking Companies (Recovery of Loans Advances, Credits and Finances) Act, 2001--

----S. 18--Civil Procedure Code, (V of 1908), O.XXI, R. 83--Execution of decree--Auction proceedings--Tripartite agreement--Settlement between parties--Acceptance of pay order--Issuance of sale certificate--Direction to--Pay order in sum of Rs. 6,500,000/- has been handed over by purchasers to counsel for decree holder bank who accepts that by this payment and payment made on 06.05.2016, decree in favour of decree holder bank has been satisfied as per terms, of tripartite agreement dated 05.05.2016--Decree holder bank is accordingly allowed to encash pay orders submitted by purchaser--Satisfaction of decree is hereby recorded--Sale of properties in favour of purchasers is confirmed and office is directed to issue sale certificates in favour of purchasers in respect of properties mentioned against their names in tripartite agreement after receiving necessary stamp duty--File be consigned to record--Applications allowed.                                                                           [Para 3 & 4] A & B

Mr. M. Riaz Malik, Advocate for decree holder bank.

Mr. Ahmad Waheed Khan Advocate for applicant/judgment debtor.

Mr. Mushtaq Mehdy Advocate for purchasers.

Date of hearing: 12.5.2016.

 PLJ 2021 Lahore (Note) 128
Present: Shams Mehmood Mirza, J.
NIB BANK LIMITED--Petitioner
versus
MUHAMMAD ABBAS--Respondents
Ex.A.No. 113-B-2015 in COS No. 18 of 2011, decided on 12.5.2016.

Order

C.M. NO. 558-B-2016 & C.M. NO. 534-B-2016.

This is an application for placing on record tripartite agreement dated 05.05.2016 executed between the decree holder bank, the judgment debtor and the purchaser of the mortgaged properties with a further prayer that by accepting the tripartite agreement, sale certificates be issued in favour of the purchasers namely (i) Masood Sadiq (ii) Majid Younis (iii) Muhammad Ali, Ishtiaq Ahmad sons of Mushtaq Ahmad (iv) Mian Saleem Raza (v) Zaheer Ahmad (vi) Muhammad Tahir Javed.

2. On 06.05.2016, C.M.No. 534-B-2016 was filed jointly by the decree holder bank and the judgment debtors incorporating therein the terms of settlement between the parties. The said terms envisaged the sale of the mortgaged properties to the purchaser for satisfaction of the decreetal debt. On the said date, pay orders totaling Rs. 53,500,186/- were handed over by the aforementioned purchasers to the learned counsel for the decree holder bank with an undertaking that the balance amount of Rs. 6,500,000/- shall be paid on the next date of hearing. In view of this development, this Court had restrained the Court Auctioneers from proceeding further with the auction scheduled to be held on 07.05.2016.

3. Today, pay order in the sum of Rs. 6,500,000/- has been handed over by the purchasers to the learned counsel for the decree holder bank who accepts that by this payment and the payment made on 06.05.2016, the decree in favour of the decree holder bank has been satisfied as per the terms, of tripartite agreement dated 05.05.2016. The decree holder bank is accordingly allowed to encash the pay orders submitted by the purchaser. The satisfaction of the decree is hereby recorded.

4. The learned counsels for the decree holder bank and the judgment debtors request that this application be treated as one filed under Order XXI, Rule 83, CPC and consequently sale certificates be ordered to be issued in favour of the purchasers whose names appear in the tripartite agreement against the properties they have purchased. It is stated that the necessary stipulation is contained in the tripartite agreement. Since both the parties have agreed to this arrangement and in view of the law laid down in Vita Pakistan (Pvt.) Limited v. Trust Investment Bank Limited and others 2007 CLD 365 and Mumtaz-ud-Din Feroze v. Sheikh Iftikhar Adil and others PLD 2009 SC 2007, these applications are allowed. Resultantly, the sale of the properties in favour of the purchasers is confirmed and the office is directed to issue sale certificates in favour of the purchasers in respect of the properties mentioned against their names in the tripartite agreement after receiving the necessary stamp duty. The file be consigned to the record.

(J.K.)   Applications allowed