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ORDINANCE XXV OF 1997 ORDINANCE XXV OF 1997 BANKING COMPANIES (RECOVERY OF LOANS, ADVANCES, CREDITS AND FINANCES) ORDINANCE, 1997 An Ordinance to repeal, and with certain modifications to consolidate and re‑enact the banking Companies (Recovery of Loans) Ordinance, 1979 and the Banking Tribunals Ordinance, 1984 (Gazette of Pakistan, Extraordinary, Part I, 4th February, 1997] No.F.2(1)197‑Pub., dated 4‑2‑1997.‑‑‑The following Ordinance made by the President is hereby published for general information: Whereas it is expedient to repeal and with certain modifications to consolidate and re‑enact the Banking Companies (Recovery of Loans) Ordinance, 1979 (XIX of 1979) and the Banking Tribunals Ordinance, 1984 (LVIII of 1984); And whereas the National Assembly is not in session and the President is satisfied that the circumstances exist which render it necessary to take immediate action; Now, therefore, in exercise of the powers conferred by clause (1) of Article 89 of the Constitution of the Islamic Republic of Pakistan, the President is pleased to make and promulgate the following Ordinance, namely:‑‑ 11. Attachment before judgment and appointment of receivers.‑‑(1) Where the plaint under subsection (1) of section 9 is for recovery of any amount through sale or any property pledged, mortgaged, hypothecated, assigned or otherwise charged as a security for the loan or finance, the Banking Court may, at any stage of the proceedings; (a) attach such property; and (b) appoint one or more receivers of such property on such terms and conditions as it may deem fit. (2) At the time of passing an order under subsection (1), the Banking Court shall issue to the defendant against whom such order is passed a notice accompanied by a copy of the order calling upon the defendant to show cause, by the date specified in the notice, why the order made under subsection (1) should not be confirmed and, if no cause is shown on or before the date specified in the notice, the Banking Court shall forthwith confirm such order until satisfaction of any subsequent decree that may be passed by the Banking Court.