World Automobiles & Ors. (Appellant) VS Muslim Commercial Bank Ltd., (Respondent)

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ORDER

IN THE HIGH COURT OF SINDH, KARACHI

High Court Appeals Nos.319 to 321, 323, 336 and 337 of2008 Date Order with signature ofJ udge

Appellants World Automobiles and others through Mr. Kazim Hasan, advocate. Respondents Muslim Commercial Bank Limited and others through Mr. eazi Fa€z Issa- advocate-

MUHAMMED KARIM KEAN AGHA J : These High Coud Appeals have t Y been filed against the order dated 31.10.2008 (hereinafter referred to as the slmpugned Order"), passed by a leamed Single Judge of this Coun in

Execution Applications Nos.70 to 72 of2007, whereby the leamed Single Judge allowed the Execution Applications of the respondents.

2.There are six High Court Appeals, bearing Nos.319,320,321,323,336 and 337 of 2008, all filed against the Impugned Order. Since all the Appeals involve common points of law and facts they will all be disposed of by this single order.

3.The brief facts of the case are that by order dated 01.6.2006 an application under Order XXIII, Rule 3 read with Section 15l, CpC, filed by the parties with the prayer that the suit filed by the plaintiff may be decreed in tems of lhe compromise application (hereinater refened to as the ,'Compromise ^ Decree"), was allowed. In effect, the suit was, therefore, decreed with the consent and agreement ofall the parties to the Banking Suit No.B-29/200l.The Compromise Decree was based on a Settlement Agreement dated 30,5.2006 between the appellants and respoldent No.l. Under the telms ofthe Settlement Agreement following mortgaged prcp€rties were to be sold in order to repay the decrced amount:-

s.No PROPf,RTY I 4081211 ro 408/218,40814 to 4084/t5, Deh Nerather Tappo, Songel Taluka Disttt. Karachi West 5.280 Acres .ry 25,000 square yard

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b' 408/3/1 to 408/3/16. Deh Nerather Tappo, Songel Taluka Distt. Karachi West 4 Acres I9 ,360 uare

3.409/4ll to 40914/16, 412/1120, Deh Nerather Tappo Songel Taluka District Karachi West, 7.30 Acres 35,332

4.4094/ I to 409/l/8, 4llD/1 to 4t1t2^6, 412^t1 to 4l2llll1,4lAy4 b 412/5/6 Deh Nerather Tappo Songel Taluka Distt. Karachi West t0.12 Acres 48,981 square

5.Survey No.l13, Deh Drigh Road, Taluka Distt. East, Karachi 1.00 Acre

6.408/l/l to 40811/17, Deh Nerather Tappo, Songel Taluka, Distt. Karachi West 3.31 Acres '7. Naclass No, 5 5/F Deh Lal B akhar Tapo B agopat Taluka Distt. Karach Haw Road Karach 2 I 8 s 8 PIot No. Cornmercial 4, Survey No Chalta No.5, Queens Quarters, Southem Express ByePass, Mai Kolachi Road KarachiW 2. 8E Acres

i 9 Survey No.l77, Deh Safoora, Taluka Distt. Malir, KDA Scheme No.36, Block 7, Gulistan-e-Jauhar, Karachi, l.15 u,, t0 B 1 K DA Scheme N .24, B lock I 7 G u shan-e- I q bal 560 uate s, ,i

ll 61tl, Gizri Street, Phase IV, Dl{A, Karachi,516.50 uare s

12.t2l1Ut,2 Gizri Stree! Phase IV, DHA, Karachi, 500 uate

13.Street, Phase V (Extension), DHA, Karachi, r000 uare s.

14 43- l, Khayaban-e-Shamsheer, Phase V, DHA, Karachi, 1000 square yards.

l5 3-4, M.A.C.H.S., Shahra h-e-Faisal, Karachi, 2222 square Yards

4.After the Compromise Decree, the parties entered into an Agreement brokered by the Natioml Accountability Bueau (NAB), @ereinafter refened to as the "New Agreemert,), whereby they atempted to supersede the Settlement Agreement that was confirmed by th€ Court with their consent through the Compromise Decree. III essence, the parties agreed in the New Agreement that the decretal amount should be paid in ,.one go,' through the sale of property \4, bearing No.A-l-CF/1-5, measudng 4808 square yards, Cliftol euarters, Karachi (hereinafter refered to as the "Cliftotr property,'). A copy oflhe New Agreement is reproduced herein below:-

"Dear Sir,

SALE OF A-I CF I.5, CLIFTON KARACHI FOR

ADJUSTMENT OF BANK'S DUES

Reference is made to the latest decision between NAB, MCB and World Group made io SUPEF.-SESSION to the terms related to +r repayment schedule from 2007 to 2009 mentioned in the

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dishonored but at the request of the appellants had not been presented by the responde[ts on account ofthe existence ofthe New Agreement.

9.Leamed counsel for the appellants in support of his submissions has relied upon the following case law: -

(D MUHAMMAD ASHRAF v. ARSHAD MALIK (2003 CLD t3l0);

(ii)NOOR HAYAT INDUSTRIES (PVT) LTD, v. JUDGE, BANKNG couRT No.t (2004 cLD 1281);

(iii)FARASAT JABEEN v. UNITED BANK LTD. (2004 CLD 1586);

(iv)HABIB ULLAH v. BANK OF KHYBER (2007 CLD 875)

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10.The case of the respondents is that the appellants were not honoring the Compromise Decree and as a mattq of forbearance had reluctantly agreed to enter into the New Agreement, whereby the Clifton Prop€rty would be sold and the decretal amount would be paid to them in full.

11.According to the respondents, a cheque of Rs.50,000,0001 (fifty million), given by the appellants pursuant to the Comgornise Decree, had already been dishonored before they had entered into the New Agreement. The respondents considered that the appellants were avoiding to payoff on one pretext or the other. The respondents in desperation, had, therefore, entered into the New Agreem€nt as they simply wanted to be paid the entire arnount which the appellants owed to them as soon as possible.

12.The appellants rcfute that there has been any deliberate or unreasonable i( delay in the circumstances in making payment. Accordilg to the appellant a ! slight delay was caused whilst the Clifton Property was commercialized which was a part of the agreement which was btokered by themselves and NAB to ensrue that the Clifton Property reaclEd at a minimum the e[tirety of the decr€tal amount on an auction sale.

13.The respondents having lost patience with the appellants moved execution application fot enforcement of the Compromise Decree, which was */ allowed by lhis Cout thtrough the Impugned Order.

14.With regard to Sectio! 19(7) of Ordinance, 2001, the respondents contended that this section was not applicable to the given situation.

15.Leamed counsel for the respondents has refered the following cases in support of his contentions!

(D MEHRAN SOLVENT EXTRACTION (PVT.) LTD. V. I.D.B.P

(2008 cLD 844);

(iD MUHAMMAD HUSSAIN & CO. v. HABIB BANK LTD. (200s cLD 1400);

(iit NAZIR AHMED VAID v. HABIB BANK A.c. ZURICH (2005 cLD l sTr);

i I 16. We have reviewed the file in detail and carefully considered the submissions of leamed counsel for the respective parties.

l'1. In our view all the appeals rum on the interpretation of Section l9(Z) of Ordinance, 2001 and whether individual parties through agreement have the power to set aside a decree ofrhis Coun.

18.Before tumi[g to Section 19 of Ordinance, 2001, it is worth mentioning a brief history of the Ordinance and its rationale. lnitially, recovery of loans made by the Financial Institutions was govemed by the Banking Companies (Recovery of Loans) Ordinance, 1979 and the Barking Tribunal Ordinance 1984. These Ordinances, however, largely proved ineffective in expeditiously enabling the financial institutions from making recovery ofdefaulted loans.

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19.Recovery cases \dere stuck up in Courts for years on end.as defaulters t deliberately used legal ploceedings to delay repaym€nt. This lead to many loans ,i being written off or regarded as non-performing, which adversely effected both the balance sheets and prolitability of the financial institutions as well as the interests of their depositors. The State owned financial institutions werc pafticularly adversely affected in this way.

20.With the onset of the expansion of consumq banking and in order to \I} facilitate the recovery of stuck up loans the Banking Companies (Recovery of

Loans, Advances, Credits and Fimnces) Act, lg97 was promulgated. With the above background in mind the scheme and objective of the Act was to streamline and expedite the process for the rccovery of loans by financial institutions against defaulters. This Act, to a large degree, achieved these objectives by greatly expediting loan recovery and making it much more difficult for defaulters to avoid repayment for years on end by dragging the process out thrcugh the Courts.

21.Building on and with a view to improving the Act, Ordinance of2OO1 t i was prcmulgated which attempted to further streamline and expedite the I recovery process in favor of financial institutions in cases of genuin€ default.

22, For ease of reference we set out Sectioa 19 of the Ordinance,200t, as follows:-

"19, Execution of decree and sale with or withour interventiol of Banking Coud.--(l) Upon pronouncement of judgment and decree by a Banking Court. the suir shall automatically stald converted into execution Foceedings without the need to file a separate applicati on ud, no Iresh notice need be issued to the judgnenl-debtor in this regard. Pallticul?(s of the mortgaged, pledged or hypothecated property and other assets of the judgmelt-debtor shall b€ filed by the decree holder fo! consideration ofthe Bar*ing Court and the case will be heald by the Banking Cowt for execution of its decree on the expiry of 30 days from the date of pronouncement ofjudgment and decree:

Provided that ifrhe record ofthe suit is surnmoned at anv stage by the High Coud for puposes of hearing an appeal under section 22 or otherwise, copies of the decree and other property v documents shall be retained by the Baoking Cout for purposes of continuing the execution proceedings.

(2)The declee ofthe Banking Coun shall be executed in T accordance with the provisions of the Code of Civil procedure, 1908 (Act V of 1908) or any other law for the time being ir force or in such manner as the Banking Court may at the request ofthe decree holder consider appropriate, including recovery as arrears ofland revenue.

(3)In case of mortgaged, pledged or hypothecated property, the financial institution may sell or cause the same to be sold with or without the intervention of &e Banking Court either by public auction nor by inviting sealed tenders and appropriate the proceeds towards total or partial satisfaction of the decree. The decree passed by a Banking Court shall constitute and confer sufficient power and authority for the financial institution to sell or cause the sale of the mortgaged, + pledged or hypothecated piopety together with transfer of

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