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Under section 15, all financial institutions were empowered to sell out mortgaged properties of defaulters without adopting due process of law. Khyber Agro and more than 800 companies had approached the Lahore High Court against the financial institutions seeking directions to stop them from disposing of their mortgaged properties unless the court allowed them to do so.
They argued that the introduction of section 15 was abuse of law as the banks were given immense power to dispose of mortgaged properties by holding auctions without approaching the court of law. They said it was a laid down principle of law that no one could be judge of his own cause but this principle was overlooked by the legislature by introducing this provision of law.
They pleaded that under the article 2-A of the constitution no law contrary to the Islamic injunctions could be introduced in the country. They said article 4 says that every individual should be dealt with in accordance with law. They also pointed out that article 24 said no person shall be compulsorily deprived of his property save in accordance with law.
The bench swayed with petitioners argument and accepted their petitions. The bench also settled the issue of already disposed of properties through direct auction by ruling that as far as the properties about which sale had attained finality, possession had been delivered to auction purchasers, sale process stood adjusted towards outstanding amount and sale deeds had been registered, they would be considered as past and closed transactions. But those properties about which the sale had not attained finality, the auction price would be retuned to auction purchasers within a period of one month after he approached the financial institution concerned. The court had already granted a stay order to the petitioners and after hearing the arguments from all sides had reserved the judgment on September 12 that was announced on Tuesday.
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