Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVII of 2001)-------Ss. 9, 10 & 22---Limitation Act (IX of 1908), S.19---Suit for recovery of loan---Limitation for---Effect of acknowledgment in writing---Appeal to High Court---Banking Court having dismissed suit filed by plaintiff-Bank, on ground of limitation plaintiff had filed appeal against of Banking Court---Contention of plaintiff-Bank was that suit was very much in time in terms of S.19 of Limitation Act, 1908 as acknowledgment of liability was made by the counsel of defendant borrower through reply within period of limitation---Effect of acknowledgment in writing was clearly spelled out in S.19 of Limitation Act, 1908---Present suit was filed on 28-10-2003 on the basis of acknowledgment dated 17-11-2001-Earlier acknowledgment was made on 14-12-1998 and before limitation expired, another acknowledgment dated 17-11-2001 was made by the counsel of defendant---Suit filed by plaintiff on 28-10-2003, in circumstances was well within limitation---Conclusion drawn by the Trial Court/Banking Court on the face of record could not be sustained---Order of Banking Court was set aside in. circumstances. ORDER Instant appeal arises out of the judgment dated 13-3-2006, whereby the learned Banking Court No.V at Karachi dismissed the Suit bearing No.833 of 2003 filed by the plaintiff-Bank against the respondent, Mohsin Baig on the ground of limitation. It is contended by, the learned counsel that the suit was very much in time in terms of section 19 of the Limitation Act. It is contended that acknowledgment of the liability was made by the counsel of the respondent through Reply dated 17-11-2001 within the period of limitation from the last acknowledgment made earlier on 14-12-1998. It was urged that such acknowledgment was available on record which was not considered while arriving at an erroneous conclusion. Notices were directed to be issued to the respondent which have been served but the respondent has not bothered to appear in Court today. It is further contended by the learned counsel that leave to defend application was filed by the respondent which was also dismissed as he was not pursuing the…

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