Legal Opinion regarding fresh execution of solenama related Company.

Mr. Z

Address….

Dear Sir,

Re: Legal Opinion regarding fresh execution of solenama, A/c. Company 1.

We refer to your letter dated 09.05.2007 on the above subject matter. We have perused the contents of your letter alongwith papers and document sent to us. Our opinion in this regard is as follows:

OUR OPINION:

The Artha Jari Case No. 06 of 2005 filed against the judgment debtors is still pending. 2006 and 28.05.2006 and our letter dated 30.05.2006 on the above subject matter.

We have perused the contents of the aforesaid letters and the papers and document along with the record of the Artha Jari Case No. 73 of 2003 and the writ petition No.2645 of 2005.

We understand that the Bank has issued a no objection certificate in favour of Mr. X. Allowing him to transfer 1,73,518.00 shares of Company 2 to Mr. y (intending buyer) after disposed of the Writ Petition No.2645 of 2005 in order to settle the captioned account by execution of a Tripartite Agreement between the Bank, Borrower and the intending buyers. In such circumstances you have sought our opinion as to whether or not Mr. y can raise any objection against the auction sale of the mortgaged property.

Our Opinion

Since the tripartite arrangement among the Bank being decree-holder, Borrower being judgment debtor and the purchaser has not been materialised before 18.06.2005 when the execution case was disposed of upon issuance of certificate under Section 33 (5) of the Artha Rin Adalat Ain, 2003 in favour of Bank, there is no legal effect of the said tripartite arrangement.

So far the Writ Petition No. ……….. of 2005 is concerned, no Rule has issued by the Hon’ble High Court Division regarding the mortgaged properties. In such situation if the Bank sell the mortgaged property through auction following Section 33 (1)(2)(3)(4) of the Artha Rin Adalat Ain, 2003 and if the Writ Petition is disposed of in favour of the Writ Petitioner or against the Writ Petitioner, the Writ Petitioner or Mr. Y whatsoever can not legally raise any question against such auction sale.

Should you have any further query, do not hesitate to revert back to us.

Thanking you.

Yours faithfully,

………………….

For: “The Lawyers & Jurists”

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