IN THE LAHORE HIGH COURT LAHORE.

CM. No.

/2007
In
Execution Application No.50/B/1998
Faysal Bank Limited
Versus
Regent Dyeing & Finishing Mills (Pvt) Ltd. & others.

APPLICATION ON BEHALF OF THE DECREE HOLDER BANK UNDER

SECTION 151 OF CPC AND ALL OTHER ENABLING PROVISIONS OF
LAW FOR FILING STATEMENT OF ACCOUNT AFTER SALE OF THE
LEASED ASSETS FOR SATISFACTION OF DECREE DATED 04-11-2002.
Respectfully Sheweth:
1.

That during the pendency of the titled execution petition, the decree holder
bank has re-possessed the Leased Machinery i.e. three High Temperature Rope
Dyeing Machines, which the decree holder bank had leased out to the judgment
debtor No.1.

2.

That for realization of the decretal amount, the decree holder bank has sold the
Leased Machinery through public auction, by inviting sealed tenders after giving
notices in Daily Nation dated 01-04-2007 and Nawa-e-Waqt dated 01-04-2007

3.

That in response to the advertisement in the daily newspapers, ten (10) sealed
tenders were received. The Auction proceedings were held on 25-04-2007 in the
presence of all the bidders. As per terms of the auction, the bidders were allowed
to raise their bids. One Mr Fayyaz Ahmed initially gave the bid for Rs.1,260,666/which he subsequently increased to Rs.1,705,000/- and again to Rs.1,725,000/which was the highest bid that was accepted by the decree holder bank and the
Leased Machinery was delivered.

4.

That the sale proceeds of the Leased Machinery amounting to Rs.1,725,000/after deduction cost of advertisement of Rs.44,080/- and dismantling expenses
and godown rent amounting to Rs.286,000/- were credited to the decretal amount
which now stands reduced to Rs.360,224,795/-. Copy of the Auction proceedings
are appended herewith as Annex-A.

5.

That statement of account showing the liability of Rs. 360,224,795/- still

outstanding against the judgment debtors is filed herewith. Copy of Statement of
Accounts is appended herewith as Annex-B.

It is therefore prayed that statement of A/c filed by the decreed holder bank may
kindly ordered to be placed on record of the case.
Any other relief which this Honble Court deems fit in the circumstances of the case
may also granted to the applicant/decreed holder bank.

Applicant/ Decree Holder Bank

Through:
Counsel
Mandviwalla & Zafar,

Zafar Chambers,
7/B-1 Aziz Avenue,
Canal Bank, Gulberg V,
Lahore.

IN THE LAHORE HIGH COURT LAHORE.

CM. No.

/2007
In
Execution Application No.50/B/1998
Faysal Bank Limited
Versus
Regent Dyeing & Finishing Mills (Pvt) Ltd. & others.

APPLICATION ON BEHALF OF THE DECREE HOLDER BANK UNDER

SECTION 151 OF CPC AND ALL OTHER ENABLING PROVISIONS OF
LAW FOR FILING STATEMENT OF ACCOUNT AFTER SALE OF THE
LEASED ASSETS FOR SATISFACTION OF DECREE DATED 04-11-2002.

Affidavit of: _________________________________________,

Faysal

Bank

Limited, 105-M.M. Alam Road, Gulberg III, Lahore.

I, the above named deponent do hereby solemnly affirm and declare as under:
1. That the above named deponent has filed accompanying application in this
Honourable Court, the contents of the same may kindly be read as an integral part of
this affidavit.
2. That the contents of the accompanying application are true and correct to the best of
my knowledge and belief and nothing has been concealed thereof.

DEPONENT
VERIFICATION
Verified on oath on this 25th day of May, 2007 at Lahore that the contents of this
affidavit are true and correct to the best of my knowledge and belief.

DEPONENT