Law:

Section:

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)------Ss.22 & 24 (2)---Limitation Act (IX of 1908), Arts.181 & 183---Civil Procedure Code (V of 1908), S.48---Execution of decree---Limitation---Condonation of delay---Sufficient cause---Suit for recovery of bank loan was decreed on 27-11-1997 and execution petition was filed on 18-10-2003---Reason for filing the application with delay was non-availability of information as to the assets and properties of -debtors---Executing Court dismissed the petition being barred by limitation---Plea raised by decree-holder was that time-barred execution petition could be entertained on showing sufficient cause---Validity---Banking Court passed the decree wherein decretal amount was ordered to be recovered from the assets, properties and persons of -debtors---Justification for filing execution petition at a belated stage was attributed to the non-availability of information, as to the assets and properties of ¬debtors---Such justification was of no avail to decree-holder as Trial Court had ordered execution of decree from the persons of -debtors, besides their properties and assets---Decree¬-holder could have resorted to execution of decree through arrest and detention of -debtors---If no application for execution of decree was made within the period of three years prescribed by Art.I81 of Limitation Act, 1908, any application made thereafter, would be barred and no benefit under S.48 C.P. C. could be availed in. such cases---High Court did not see any infirmity or illegality in the order passed by Executing Court and the same was in accordance with law, following the dictum of s passed by superior Courts---Appeal was dismissed in circumstances. National Bank of Pakistan v. Mian Aziz-ud-Din and 7 others 1996 SCMR 759 rel. (b) Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997)--- ----S.22(2)---Terns "all cases"---Applicability---Execution proceed¬ings---Scope---Tenn "all cases" referred in S.22 (2) of Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997, relates to any suit, application or other proceedings filed or transferred to…

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