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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:‑‑ 12. Execution of Decree.‑‑(1) The Banking Court shall, on the written or oral application of the decree‑holder, forthwith order execution of the decree or order and, where the decree or order pertains to money, may direct, that the amount covered by the decree or order, as the case may be, shall be recovered as arrears of land revenue in accordance with the provisions of the Code of Civil Procedure, 1908, or any other law for the time being in force or in such other manner as the Banking Court may deem fit. (2) Subject to subsection (3), where a banking company is a mortgagee of any property belonging to the judgment‑debtor, it may, sell such property without the intervention of the Banking Court either by public auction or by private treaty to any person or purchase such property on its own account and appropriate the proceeds thereof towards total or partial satisfaction of the decree. (3) Where the judgment debtor or any person acting on his behalf does not voluntarily give possession of the mortgaged property sold or sought to be sold or purchased or sought to be purchased or purchased by the banking company under subsection (2), the Banking Court on the application of the Banking Company or the purchaser shall put the banking Company or, as the case may be, the purchaser in possession of the mortgaged property in accordance with the provisions of Order XXI of the Code of Civil Procedure, (4) Where the mortgaged property has been sold or purchased by the banking company under subsection (2), the banking company shall present proper account of the proceeds to the Banking Court within thirty days from the date of the appropriation of the proceeds. (5) Where the banking company wishes to sell the property by private treaty or to purchase it on its own account it shall, before concluding the sale give to the judgment debtor an option by a notice in writing for purchasing or redeeming such property at the price at which the banking company proposes to sell or purchase within such period as the banking company may specify in such notice which shall not, in any case, be less than seven days. (6) where a decree passed by a Banking Court remains unsatisfied beyond a period of sixty days from the passing of decree due to any omission or commission on the part of the judgment debtor, the Banking Court may on application made by the decree holder impose a penalty at the rate of twenty per cent of the decretal amount on the judgment‑debtor and the amount of such penalty shall be recovered from the dudgment‑debtor as a fine under the Code of Criminal Procedure, 1898 (Act V of 1898) and the recovery so made shall be made over to the banking company as liquidated damages for the failure of the judgment‑debtor to satisfy the decree. (7) Any penalty imposed by a Banking Court on a judgment debtor under subsection (7) shall not be a bar for imposition of any further penalty at a later date where the failure to pay the decretal amount continues. (8) Notwithstanding anything contained in the Code of Civil Procedure 1908 (Act VI of 1908), or any other law for the time being in force; (a) the investigations of claims and objections in respect of attachment of any property shall be completed within thirty days of filing such claims or objections, as the case may be; and (b) the sale of mortgaged or attached property shall not be postponed unless the judgment debtor or any other person interested therein produces a better confirmed offer and advance payment equal to fifty per cent. of the purchase money of the said property is deposited with the Banking Court. Explanation.‑‑In clause (b) "better confirmed offer" means the offer‑ of sale price which shall be more than the sale price the property fetched at the sale sought to be postponed.