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

Section: 19(7)

Law: Limitation Act, 1908

Section: 166

Law: Civil Procedure Code (V of 1908)

Section: 89

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- ----S. 19(7)---Limitation Act (IX of 1908), First Schedule, Art. 166---Civil Procedure Code (V of 1908), S. 47, O. XXI, R. 89---Execution of decree---Auction proceedings---Objections, filing of---Limitation---Appellant filed objections to auction proceeding for sale of mortgaged property---Executing Court dismissed objection petition on the ground of limitation---Validity---Auction in question was held on 15-02-2021 and application under O. XXI, R. 89, C.P.C. was filed on 5-04-2021, whereas sale was confirmed by Banking Court on 23-4-2021---No order was passed by Banking Court before 23-4-2021 whereby bid of respondent was expressly accepted by Court---Order dated 23-4-2021 contained that for the purpose of limitation, Executing Court held that sale was to have taken place on 15-2-2021 i.e. date of fall of hammer and not acceptance of the offer, such finding was contrary to legal position in O. XXI, R. 89, C.P.C.---High Court set aside order passed by Executing Court and period of 30 days limitation prescribed under Art. 166 of First Schedule to Limitation Act, 1908 was to run from date of sale i.e. 23-4-2021---High Court remanded the matter to Executing Court for objection application to be decided afresh---Appeal was allowed accordingly. Muhammad Attique v. Jami Ltd. and others PLD 2019 SC 993; Muhammad Jawed v. First Women Bank Ltd. and others 2021 CLD 39; Muhammad Ashraf v. UBL and others 2019 SCMR 1004; Muhammad Khalil v. Messrs Faisal M.B. Corporation and others 2019 SCMR 321; Messrs Habib and Company and others v. Muslim Commercial Bank Limited and others PLD 2020 SC 227; Azam Wazir Khan v. Messrs Industrial Development Bank of Pakistan 2013 SCMR 678; Nand Lal and another v. Askari Commercial Bank Limited and another 2018 CLD 1320; United Bank Limited v. Messrs Blessed International (Pvt.) Limited and 6 others 2003 CLD 39; United Bank Limited v. Messrs Usman Textiles and 6 others 2007 CLD 435; A.M. Rice Corporation v. Bank of Punjab 2005 CLD 1569; Habib Bank Limited v. Mst. Parveen Qasim Jan and others 2014 SCMR 322; Mst. Shaista Bibi and another v. Superintendent, Central Jail…

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