Law:

Section:

Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997)---------Ss.22 & 18---Banking Tribunals Ordinance (LVIII of 1984), Ss.12 & 11---Limitation Act (IX of 1908), Art.181---Execution of decree passed under Banking Tribunals Ordinance, 1984---Limitation---Banking Tribunals Ordinance, 1984 having been repealed on promulgation of Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997, a fresh cause of action and limitation of three years had accrued to the decree holder for execution in terms of S.22(2) of the new Act. Muhammad Akhtar v. Agricultural Development Bank of Pakistan 2005 CLD 1173 fol. ORDER This appeal is directed against order 7-5-2001 passed by the Banking Court dismissing the objection petition filed by the present appellants. 2. Brief facts leading to the filing of this appeal ate that the respondent-Bank filed a suit for recovery, inter alia, against the appellants before the Banking Tribunal which was decreed vide judgment dated 5-11-1996. Subsequently, the Banking Tribunals Ordinance, 1984 was repealed by enactment of Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997. Whereafter the respondent-Bank filed an execution petition before the Banking Court on 13-5-2000. The appellants filed an objection petition seeking dismissal of the execution petition on the ground that it was barred by Limitation. The Banking Court vide the impugned order dismissed the objection petition filed by the appellants. 3. The learned counsel for the parties have been heard and the record perused. 4. It is contended by the learned counsel for the appellants that the execution petition was required to be filed within three years of the passing of the decree, hence, was barred by limitation. On the other hand, it is…

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