Law:

Section:

Banking Tribunals Ordinance (LVIII of 1984)-------Ss. 12 & 11---Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997), Ss. 18 & 22---Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001), Ss. 19 & 24---Limitation Act (IX of 1908), Art. 181---Execution of decree passed under Banking Tribunals Ordinance, 1984 on 1-12-1994--- Bank brought the execution application on 17-5-2000---Limitation---Contention of the appellant was that the provisions of the Banking Companies (Recovery of Loans. Advances. Credits and Finances) Act. 1997 having no retrospective effect. under S.22 of the said Act, no fresh period of limitation shall be available to the decree-holder for filing an execution petition, which earlier had not been filed within three years and the decree in question was already barred by time---Validity---Held, with a view to protect and safeguard the rights and the interest of those, who, under the Banking Companies Ordinance, 1984, had unlimited period to initiate and pursue their cases, but might get affected because of S.22(2) of the Banking Companies (Recovery of Loans, Advances, Credits, and Finances) Act, 1997, if proviso was not there, the same was added---With such legal consequences, the cases falling' within the purview of Banking Companies Ordinance, 1984, were termed as "past transaction" and by fiction of law a fresh cause of action was deemed to have accrued in their favour for the purpose of Limitation Act, 1908---Case of the Bank was squarely covered by proviso to S.22(2) of the Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997 and a fresh period of limitation i.e. three years under Art. 181, Limitation Act, 1908 shall be available to the Bank to file the execution application---Principles. Under section 12 of the Banking Companies Ordinance No. 1VIII of 1984, the application of the Limitation Act, 1908 was excluded qua any suit, application or other proceedings filed by the banking companies under the Ordinance, with the result that there shall be no limitation for seeking the execution of a decree under the above Ordinance. Therefore, if the Banking…

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