Law:

Section:

(a) Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XXV of 1997)-------S. 22---Civil Procedure Code (V of 1908), O.XXXVII, R.2, O.XXI, Rr.10, 89, 90 & S.48---Limitation Act (IX of 1908), Arts.165, 166 & 181---Suit for recovery of loan---Banking Court decreed the suit directing sale of property mortgaged to plaintiff bank---Appellants/owners of the property filed objection petition which was dismissed by the executing court for being time-barred under Art.166 of the Limitation Act, 1908---Scope and application of Arts.165 & 166, Limitation Act, 1908--Appellants/ objection petitioners contended that they never mortgaged the property to the bank---Suit land was not mortgaged to bank by appellants at the time of institution of suit---Judgment-debtor did not obtain non-encumbrance certificate from Revenue Department before filing of the suit---Executing court committed glaring mistake by passing order of attachment of suit property and subsequent auction which dispossessed owners of the property---Executing court did not consider that the execution petition was time-barred---Factual controversy of limitation was decided without framing the issues and recording of evidence---Article 165 of Limitation Act, 1908 did not apply to the application filed by -debtor whereas Art.166 of Limitation Act, 1908 was applicable to application filed by -debtor as well as to an application filed by any of persons mentioned in O.XXI, Rr.89 & 90, C.P.C. for setting aside the sale within thirty days from the date of sale---Provisions of Art.181 of Limitation Act, 1908 provided for period of 3 years for filing first application for the execution of a decree---Executing court made an error by proceeding under S.22 of the Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997 which, having been promulgated after the dispute between the parties arose, could not be applied with retrospectively---Appeal was allowed---Impugned order passed by the Banking Court was set aside and the case was remanded to executing court for decision afresh after framing the issues and providing opportunity of hearing to the parties. (b)…

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