Banking Court Application for Foreclosure

IN THE LEARNED BANKING COURT NO. _____, district

Execution Application No. _____ of year

financial_institution_name, a institution_type, regarded through ceo_name, Chief Executive Officer ... Applicant

VERSUS

defendant_name and co_defendant_count others ... Respondents

APPLICATION FOR EXECUTION AND FORECLOSURE OF MORTGAGED PROPERTY UNDER SECTION 15 FIRO 2001

Respectfully submitted:

1. That this application is filed for execution of the decree passed by this Honourable Banking Court in Banking Suit No. suit_number dated decree_date, whereby a sum of Rs. decreed_amount was decreed in favour of the Applicant against the Respondents with interest at interest_rate per annum.

2. That despite the passage of period_since_decree since the decree was passed, the Respondents have willfully failed and neglected to satisfy the decreed amount. The Respondents have no moveable property available for recovery, hence the mortgaged property is the only available source for realization.

3. That the mortgaged property is described as follows: property_description, valued at Rs. property_valuation as per the registered valuation certificate dated valuation_date obtained from valuation_authority.

4. That the property was mortgaged under the registered mortgage deed dated mortgage_deed_date, Reference No. registry_reference, executed by the Respondent No. 1 in favour of the Applicant as security for the finance extended.

5. That pursuant to Section 15 of the Financial Institutions (Recovery of Finances) Ordinance 2001, the Applicant is entitled to sell the mortgaged property through a court-supervised auction process to recover the decreed amount.

6. That the proposed mode of sale shall be sale_mode, with public auction to be held on proposed_auction_date or such other date as this Honourable Court may fix, at auction_venue.

7. That the proposed reserve price for the property is fixed at Rs. reserve_price, which has been determined on the basis of the current market valuation and the outstanding decree amount.

8. That the Applicant is entitled to recover its costs and expenses incurred in the course of recovery proceedings, including valuation charges amounting to Rs. valuation_charges, legal notice charges amounting to Rs. notice_charges, and court fees amounting to Rs. court_fees_incurred.

9. That all necessary documents including the mortgage deed, decree, and valuation certificate are attached as annexures. Public advertisement in the prescribed form has been prepared for publication in official gazette and newspapers as per statutory requirements.

10. That this Honourable Court has full jurisdiction under Section 15 FIRO 2001 read with the Code of Civil Procedure 1908 to grant this application and direct the sale of the mortgaged property through court auction.

PRAYER

It is, therefore, most respectfully prayed that this Honourable Court may be pleased to:

(a) Accept this application and direct the sale of the mortgaged property through public auction;

(b) Fix the reserve price at Rs. reserve_price and confirm the proposed auction date and venue;

(c) Direct the sale to be conducted in accordance with the prescribed procedure under Section 15 FIRO 2001 and the sale rules applicable to Banking Courts;

(d) Direct the sale proceeds to be first adjusted against the decreed amount, costs, and court fees, with any surplus amount being paid to the Respondents or deposited with the Court as per law;

(e) Pass such further or other order as this Honourable Court may deem just and proper in the circumstances of the case.

VERIFICATION

Verified on solemn affirmation at verification_place on this _____ day of _____, year, that the contents of the above application are true and correct to the best of my knowledge and belief, and nothing material has been concealed.

_____________________________ ceo_name Chief Executive Officer financial_institution_name CNIC No. ceo_cnic Through: _____________________________ counsel_name Advocate for the Applicant