{"id":62565,"date":"2020-03-11T18:51:14","date_gmt":"2020-03-11T13:51:14","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=62565"},"modified":"2020-03-11T18:51:15","modified_gmt":"2020-03-11T13:51:15","slug":"banks-auction-properties-without-court-decrees","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/banks-auction-properties-without-court-decrees.html","title":{"rendered":"Foreclosure Law: LHC re-allows banks to auction properties without court decree"},"content":{"rendered":"\n<p>Lahore: The Lahore High Court on Tuesday ruled that the country\u2019s financial institutions did not need to obtain a banking court decree to sell mortgaged properties for making recoveries on defaulted loans \u2013 a news source reported. <\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/lhc-foreclosure-law-hearing-scheduled-sept-13.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"LHC foreclosure-law hearing scheduled for Sept 13 (opens in a new tab)\">LHC foreclosure-law hearing scheduled for Sept 13<\/a><\/p>\n\n\n\n<p>The court was announcing a majority judgement on petitions\nregarding Section 15 of the Finance Institutions (Recovery of Finances)\nOrdinances 2001. This framework allows banks to sell mortgaged properties in\ncases of defaults on loans. The court\u2019s ruling has overturned a previous\nsingle-bench ruling by the High Court that had led to suspension of Section 15\nin 2016. <\/p>\n\n\n\n<p>The bench was headed by Chief Justice Mamoon Rashid Sheikh, Justice Shahid Waheed, Justice Abid Aziz Sheikh, Justice Jawad Hassan, and Justice Asim Hafeez. The detailed judgement is yet to be released. <\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/nphp-start-following-courts-foreclosure-law-clearance-pm.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"NPHP to start following court\u2019s foreclosure law clearance: PM (opens in a new tab)\">NPHP to start following court\u2019s foreclosure law clearance: PM<\/a><\/p>\n\n\n\n<p>Prime Minister (PM) Imran Khan had last year referred the\nmatter to the Chief Justice with a request to expedite its disposal. The\nsuspension of Section 15 has often been seen as a major obstruction in the\ndevelopment of housing finance in the country \u2013 as well as accused of causing\nimpediments for the incumbent government\u2019s flagship Naya Pakistan Housing\nProgramme (NPHP).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lahore: The Lahore High Court on Tuesday ruled that the country\u2019s financial institutions did not need to obtain a banking court decree to sell mortgaged properties for making recoveries on defaulted loans \u2013 a news source reported. Read: LHC foreclosure-law hearing scheduled for Sept 13 The court was announcing a majority judgement on petitions regarding Section 15 of the Finance Institutions (Recovery of Finances) Ordinances 2001. This framework allows banks to sell mortgaged properties in cases of defaults on loans. The court\u2019s ruling has overturned a previous single-bench ruling by the High Court that had led to suspension of Section 15 in 2016. The bench was headed by Chief Justice Mamoon Rashid Sheikh, Justice Shahid Waheed, Justice Abid Aziz Sheikh, Justice Jawad Hassan, and Justice Asim Hafeez. The detailed judgement is yet to be released. Read: NPHP to start following court\u2019s foreclosure law clearance: PM Prime Minister (PM) Imran Khan had last year referred the matter to the Chief Justice with a request to expedite its disposal. The suspension of Section 15 has often been seen as a major obstruction in the development of housing finance in the country \u2013 as well as accused of causing impediments for the incumbent&hellip;<\/p>\n","protected":false},"author":57,"featured_media":60823,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[22621],"persona":[],"class_list":{"0":"post-62565","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-foreclosure-law-lhc-re-allows-banks-to-auction-properties-without-court-decree","9":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Banks can now auction properties without court decree - Zameen News<\/title>\n<meta name=\"description\" content=\"Lahore: The Lahore High Court on Tuesday ruled that the country\u2019s financial institutions did not need to obtain a banking court decree to sell mortgaged\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/banks-auction-properties-without-court-decrees.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banks can now auction properties without court decree - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Lahore: The Lahore High Court on Tuesday ruled that the country\u2019s financial institutions did not need to obtain a banking court decree to sell mortgaged\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/banks-auction-properties-without-court-decrees.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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