Law: Financial Institutions (Recovery of Finances) Ordinance, 2001

Section: 7(6)

Law: Civil Procedure Code (V of 1908)

Section: 47,48,O,XXXI,2

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001) ----S. 7(6)---Civil Procedure Code (V of 1908), Ss. 47, 48 & O. XXI, R. 2---Execution of decree---Limitation---Payment in installments---Proof---Judgment debtor objected to execution application on ground that it was barred by time as period of limitation was to start from date of decree and also maintained that a sum of Rs. 142,296,000 had already been adjusted by decree holder Bank---Validity---Decretal amount was payable in installments and on default, entire decretal amount had become due---Time was to run from date of such default---Decretal amount was payable in installments by 01-01-2014 and execution filed on 27-04-2011 on default was within limitation---Commencement of period of limitation from date of decree was only applicable if payments under decree were recoverable forthwith and not in fifteen years installments---Amount of Rs. 142.296 million was shown to be adjusted by decree holder Bank itself in statement of account---Unless it was established by recording of evidence that said amount was not actually adjusted or paid of, decree holder Bank could not make recovery of said amount through execution in question---High Court dismissed the objection petition to the extent of Rs. 328,434,474 and directed that objection petition for recovery of Rs. 14,22,96,000 shall be decided after framing of issues and receiving of evidence. National Bank of Pakistan v. Gammon of Pakistan Ltd. 2009 CLD 330; National Bank of Pakistan through S.V.P. SAMG (North) v. Messrs Taj Textile Mills Ltd. through Chief Executive and 4 others 2011 CLD 157; Peer Dil and others v. Dad Muhammad 2009 SCMR 1268; Fakir Abdullah and others v. Government of Sindh through Secretary to Government of Sindh, Revenue Department, Sindh Secretariat, Karachi and others PLD 2001 SC 131; National Bank of Pakistan through Zonal Chief v. Messrs Saif Nadeem Electro Limited and others 2003 CLD 1468; Bank of Credit and Commerce v. Messrs Global Produce 1998 MLD 1759; Sh. Muhammad Ali v. Messrs China Silk House and another 1985 CLC 679; United Bank Limited v. Messrs Tylor and Co. Limited 2002 CLD 917; M. Anwar Saleem v.…

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