Restriction on transfer of property

Sale transaction in favour of objector by virtue of deed of conveyance was entered into between the objector and judgment-debtor on 30-03-2012, i.e., much after the proceedings of banking suit

Two basic conditions as mentioned in S. 23(1) & (2) of Financial Institutions (Recovery of Finances) Ordinance, 2001, were available to decree holder

If a transaction in question was prohibited under an express provision of a statute then such transaction could not be saved on the ground that since it was under a registered instrument, therefore, to give effect to an express provision of law, an independent proceeding under S. 39 of Specific Relief Act, 1877, was to be instituted

Such would destroy the very purpose of S. 23 of Financial Institutions (Recovery of Finances) Ordinance, 2001, and if a transaction did not take place through a registered instrument but in violation of S. 23 of Financial Institutions (Recovery of Finances) Ordinance, 2001, the same could be dealt with without instituting a separate proceeding

Objection was dismissed in circumstances.