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

Section: 9,22,24,24(2)

Law: Limitation Act, 1908

Section: 3,120

(a) Financial Institutions (Recovery of Finance) Ordinance (XLVI of 2001)--- ----Ss. 9, 22 & 24---Limitation Act (IX of 1908), Art. 120---Suit for recovery of finance---Limitation---Failure to seek condonation of delay---Plaintiff Bank was aggrieved of dismissal of suit by Banking Court on ground that it was beyond limitation---Validity---No application for seeking discretionary relief was preferred by plaintiff Bank before Banking Court---Banking Court rightly did not consider delay in filing of suit to be justified---Plaintiff Bank had opportunity to seek condonation of delay from Banking Court under S. 24(2) of Financial Institutions (Recovery of Finances) Ordinance, 2001 however, it demonstrably failed to do so---High Court declined to interfere in order passed by Banking Court as same was elaborative of reasoning relied upon to arrive at conclusion stipulated therein and plaintiff Bank was unable to demonstrate any infirmity---Appeal was dismissed in circumstances. Allied Bank of Pakistan v. Karsaz Corporation and others 1987 CLC 947 distinguished. MCB Bank Limited v. Messrs Tila Frontier Fruit Company and others 2011 CLD 938 ref. (b) Limitation Act (IX of 1908)--- ----S. 3---Limitation---Not a question of technicality---Prescriptions of limitation are not technical and ignoring same would render entire law of limitation as redundant. Awan Apparels (Private) Limited and others v. United Bank Limited and others 2004 CLD 732 rel. THIS JUDGMENT DELIVERED BY: AGHA FAISAL, J.--- The present appeal was filed assailing the order dated 01.12.2016 ("Impugned Order"), delivered by the learned Banking Court II, Karachi in Suit 192 of 2016 ("Suit"), whereby the appellant's suit for recovery was dismissed on account of having been filed post expiration of the prescribed limitation period. It may be pertinent to reproduce the relevant constituent of the Impugned Order herein below: "The instant case is a suit for simple recovery, without mortgage of any property, and the plaintiff Bank all along and unnecessarily kept the matter with them for more than 7 years and filed the suit on 24.02.2016 i.e. after the statutory period of 3 years from the date of alleged…

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