Law:

Section:

Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997)-------S. 18---Companies Ordinance (XLVII of 1984), S. 316---Recovery of bank loan---Execution of decree---Limitation---Decree holder filed execution application against debtors but the same was dismissed by Banking Court being barred by time---Validity---Dispute between the parties was not that principal debtor was not a company---After winding-up order, decree holder approached Company Court for execution of decree---Company Court entertained execution application and accepted decree holder's claim partially and finalized execution of decree against debtor company---Pendency of execution of decree before Company Court established the fact that decree holder filed execution of decree within three years of passing of decree and did not fail to file execution of decree within three years of the decree---High Court set aside the and remanded the matter to Banking Court for proceedings with execution of decree--- Appeal was allowed accordingly. Muhammad Sher v. Muhammad Khan PLD 1975 Lah. 1016; Muhammad Jalat Khan and another v. Ghulam Sarwar (deceased) represented by legal heirs) and 3 others 1986 CLC 552 and United Bank Limited Bank Square Branch, Lahore v. Fateh Hayat Khan Tiwana and 7 others 2004 CLD 223 ref. JUDGMENT MUHAMMAD KHALID MEHMOOD KHAN, J.---The appellant has assailed the judgment of learned banking court dated 25-11-2005, whereby the execution petition of decree dated 3-2-1998 was dismissed being barred by time. 2. The appellant filed a suit for recovery of Rs.42,682,871 against the respondents. The learned banking court on 3-2-1998 passed decree in favour of appellant. One of the judgment debtors, the respondent No.1 a public limited company was ordered to be wound up on 24-4-1998 by the learned Company Court. The appellant submitted its claim under the decree dated 3-2-1998 to the Official Liquidator. The Official Liquidator paid the part of decree Rs.4 Million to the decree holder/appellant on 14-11-2001. The appellant filed the execution of decree on 12-7-2003, before the learned Banking Court. The respondents/judgment debtors opposed the execution of decree…

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