Law:

Section:

(a) Banking Companies (Recovery of Loans) Ordinance (XIX of 1979)-------S.6---Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997), Ss. 7(6) & 22(1)---Limitation Act (IX of 1908), Art. 183 & S.3---Execution of money decree passed by Banking Court on 25-3-1984 against two defendants while decree in same case was passed against third defendant on 4-5-1987---Application for execution of decree was filed on 31-3-1993---Provision of Art.183, Limitation Act, 1908, being applicable, decree, dated 4-5-1987 passed against third defendant would be deemed to be within limitation---Execution of decree against other two defendants having been passed on 25-3-1984 would, however, be barred by limitation and liable to be dismissed against them. Mahboob Khan v. Hassan Khan Durrani PLD 1990 SC 778; Mian Akbar Hussain v. Mst. Aishabai and others PLD 1991 SC 985; Pakistan Atomic Energy Commission v. M. S. Khalid PLD 1994 Kar. 317 Habib Bank Limited v. Remifar (Pakistan) Limited & others and Execution Application No.3 of 1992 and Muslim Commercial Bank Limited v. Ahmed Haji Habib Execution Application No.53 of 1994 ref. (b) Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997)--- ----S. 22(1)---Limitation Act (IX of 1908), Art, 183 & S.3---Right to execute decree stood extinguished on point of limitation---Provision of S.22(1), Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997 could not be interpreted differently so as to revive rights which stood extinguished before initiation of execution proceedings---Execution application against earlier decree, dated 25-3-1984 was dismissed being barred by time while the same would proceed against decree, dated 4-5-1987. The Commissioner of Income-tax, Central Zone 'B', Karachi v. Messrs Asbestos Cement Industries Limited, Karachi 1993 SCMR 1276 and Yew Bon Tev v. Kenderaan Bas Mara 1983 PSCC 1200 (PC) rel. ORDER This is an application filed under section 3 of the Limitation Act, on behalf of the judgment-debtor No.3 seeking dismissal of the execution application as barred by limitation. 2. The admitted facts leading to the filing…

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