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

Section: 19,24../ 18

Law: Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997

Section:

Financial Institutions (Recovery of Finances) Ordinance, 2001-------Ss. 19 & 24---Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997), Preamble & S. 18---Suit for recovery filed by the bank---Decree---Execution---Limitation---Execution petition, filing of---Scope---Banking Court by applying the provisions of S. 24 of the Financial Institution (Recovery of Finances) Ordinance, 2001, dismissed the execution petition filed by the bank /appellant on the ground that the same was filed after lapse of more than 09 years while appeal was pending---Validity---Financial Institutions (Recovery of Finances) Ordinance, 2001, is a special law which covers all proceedings upon execution---Previous law i.e. Banking Companies (Recovery of Loans , Advances, Credits and Finances) Act, 1997, enabled the Banking Court to convert the proceedings into execution application on preferring an application---Whereas the frame of the Financial Institutions (Recovery of Finances) Ordinance, 2001, is different as its S.19 provides that upon announcement of judgment and decree, the suit shall automatically convert into execution application---Thus, no sooner the judgment and decree is passed in proceedings under the Financial Institutions (Recovery of Finances) Ordinance, 2001, the proceedings stand converted into execution application---Financial Institutions (Recovery of Finances) Ordinance, 2001, does not provide a way to file a fresh execution application, as was inadvertently done in the present case by the appellant/Bank---At the most, since an appeal was pending before the High Court and the machinery of the execution was not triggered, the application that was inadvertently moved as an execution application by the bank/appellant could be considered for triggering machinery of the Banking Court, where the suit was decreed and converted into execution application---Surprisingly, the Banking Court did not discuss S.19 of the Financial Institutions (Recovery of Finances) Ordinance, 2001---Thus, S. 24 of the Financial Institution (Recovery of Finances) Ordinance, 2001 can not be conceived to have its application on the execution proceedings as the…

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