SHC stops bank from auctioning mortgaged property

A bench of Sindh High Court (SHC) on Thursday suspended auction of mortgaged properties by a local bank in a petition challenging suo motu powers of banks under Section 15 of the Financial Institution (s) (Recovery of Finances) Ordinance, 2001.
The counsel for the petitioner Saalim Salam Ansari submitted that suo motu powers conferred on banks to sell mortgaged property without obtaining decree from the court as provided under Section 15 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 is violative of the Article 10-A of the Constitution 1973. The 18th Constitutional Amendment provides for the fundamental "right to fair trial", he added. The bench comprising Justice Munib Akhter after hearing arguments of the petitioner's counsel ordered suspension of the auction process.