Law:

Section:

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)-------S. 19--Civil Procedure Code (V of 1908), Ss.48, 151, O.XXI, R.22 & O.XXIII, Rr.1, 2, 3---Execution petition---Objection to execution petition on the ground of limitation---Validity---Judgment-debtors had accepted the terms and conditions of the compromise which formed the basis of consent decree; their guarantees were continuing so they were liable to discharge the outstanding liabilities---Under S.19, Financial Institutions (Recovery of Finances) Ordinance, 2001 decree passed by a Banking Court would automatically be converted into execution petition, therefore, limitation in such a case would run from the date of passing of the final consent decree---Execution petition, in circumstances, was not time-barred---Application was dismissed. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S. 19---Judgment and decree by Banking Court--Limitation--Judgment and decree by Banking Court would automatically stand converted into execution petition and limitation would run from the date of passing of the final decree. ORDER IQBAL HAMEED-UR-RAHMAN, J.--- Judgment-debtors Nos. 1 to 5 have filed the instant application under Order XX1 Rule 22, C.P.C. and section 19 of the Financial Institutions (Recovery of Finances) Ordinance, 2001, against the consent decree dated 21-6-2002 amended vide order dated 7-12-2004 and 19-6-2006. 2. It is contended on behalf of the applicants that the instant execution petition of the decree-holder/bank is badly barred by time as under section 48 of C.P.C. the execution petition was required under the law to have been filed within six years from passing of the final decree whereas the instant execution petition has been filed on 14-10-2008; as such, the instant execution petition, is barred by limitation and the same merits to be dismissed. 3. Secondly, learned counsel for the applicants/objectors reverting to para 3 of the joint application under Order XXIII, Rule 3 read with section 151, C.P.C. contends that the consent modified decree dated 19-6-2006 clearly states that the additional facility granted shall not form part of the…

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