Post Reply 
 
Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
LHC stays auction of mortgaged property
05-29-2010, 10:43 AM
Post: #1
LHC stays auction of mortgaged property
LAHORE: Justice Farrukh Irfan Khan of the Lahore High Court (LHC) on Friday stayed the auction of a mortgaged property under Article 10-A of the constitution.

Taffazul H Rizvi, counsel for petitioner Kashifa Jamal, submitted that she mortgaged her property situated at Faisalabad with a Dubai bank for a finance facility of Rs 13 million. He said that the petitioner’s husband Jamal Anwar was also an employee of the bank at the time of mortgage.

He said the bank on July 25, 2009, got registered a case against the petitioner and her husband on the allegation that the mortgaged property was under valued.

He said the police took her husband in custody and later released him on bail after he deposited Rs 4.6 million with the bank.

The counsel said the bank gave an advertisement in newspapers to the effect that it was going to auction the mortgaged property under section 15(4) of the Financial Institutions (Recovery of Finance) Ordinance, 2001 itself without intervention of court. The counsel said after the insertion of Article 10-A to the constitution in 18th amendment, it was now mandatory that every person be provided the right of fair trial and power of bank to sell a mortgaged property during pendency of case in court was now ultra vires to the constitution.
Visit this user's website Find all posts by this user
Quote this message in a reply
Post Reply 


Possibly Related Threads...
Thread: Author Replies: Views: Last Post
  CDA earns Rs1.88b on second day of auction Salman 0 5,173 11-22-2013 05:21 PM
Last Post: Salman
  New Rules Issued For Property Transfer, Taxation And Auction Salman 0 8,875 11-12-2013 03:35 PM
Last Post: Salman
  CDA set to auction plots Salman 0 4,152 03-25-2013 06:25 PM
Last Post: Salman
  CDA set to auction 62 plots Salman 0 3,850 03-14-2013 05:41 PM
Last Post: Salman
  Dawn.com Newspaper Lyari Expressway SHC stays demolition of houses in Liaq Salman 0 4,731 01-10-2013 01:29 PM
Last Post: Salman
  LHC stays naming square after Bhagat Singh Salman 0 4,554 11-17-2012 01:30 PM
Last Post: Salman
  Lahor Property News : LDA Auction Salman 0 4,591 09-18-2012 03:11 PM
Last Post: Salman
  LDA takes over mortgaged plots in 18 private housing schemes Salman 0 15,993 06-20-2012 04:05 PM
Last Post: Salman
  Lahore Property News : LDA Plots Auction for Private Housing Schemes in Lahore Salman 0 5,869 05-09-2012 01:07 PM
Last Post: Salman
  IHC stays allotment of plots to CDA officers Salman 0 4,311 04-25-2012 12:38 PM
Last Post: Salman
  LDA to auction plots Salman 0 3,445 02-23-2012 06:20 PM
Last Post: Salman
  Auction of LDA plots, Salman 0 2,869 01-30-2012 01:37 PM
Last Post: Salman
  LDA auctions eight mortgaged plots Salman 0 2,952 01-06-2012 01:38 PM
Last Post: Salman
  Lahore Property News : Commerical Plot For Auction Salman 0 3,990 01-04-2012 12:46 PM
Last Post: Salman
  Bahria Town land scam: LHC stays NAB move to take over the case Lahore_Real_Estate 0 5,764 12-20-2011 01:48 PM
Last Post: Lahore_Real_Estate
  PPB to hold auction for Rs 1b property sale Salman 0 8,038 12-16-2011 02:53 PM
Last Post: Salman
  Lahore Property News : Sabzazar plots auction on Dec 15, 2011 Salman 0 5,765 12-11-2011 10:48 PM
Last Post: Salman
  Lahore Property News : Auction of Commercial and Residential Plots by LDA Salman 0 5,190 12-04-2011 11:50 AM
Last Post: Salman
  Lahore Property News :’ auction on 15th Salman 0 3,326 12-01-2011 02:11 PM
Last Post: Salman
  Lahore Property News : Public Auction of Commercial Shops at Jail Road Salman 0 5,033 11-14-2011 12:03 PM
Last Post: Salman

Forum Jump:


User(s) browsing this thread: 1 Guest(s)