Law:

Section:

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001) Ss.19 & 12 Civil Procedure Code (V of 1908), S.12(2) ¬Agency, principles of Execution of decree Limitation ¬Application under S.12, Financial Institutions (Recovery of Finances) Ordinance, 2001 read with S.12(2) , C.P.C. during execution proceedings, for recalling of the decree on the ground that the applicant was unaware of the suit and decree and was fraudulently kept out of the proceedings by the Bank with whom the applicant's address at Canada was available and that he came to know of the decree from his general attorney who was Director of the borrower company also Applicant had filed the application with a delay of about 18 months Banking Court dismissed the application on merits as well as for being barred by limitation Validity Held, Provisions of S.12(2), C.P.C. were not applicable to the proceedings under Financial Institutions (Recovery of Finances) Ordinance, 2001 ¬Applicant, however, had not been able to show or prove the plea of fraud or misrepresentation Provision of S.12 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 provided period of 21 days from the date of decree o from date of the knowledge of the decree, for the application seeking an order to set aside the decree, as such by applicant's own admission that his general attorney was aware of the proceedings and only from him he had come to know about them, his application under S.12 of the financial Institutions (Recovery of Finances) Ordinance, 2001 was beyond period of limitation as he could not be presumed to be unaware of the proceedings against him as under the principles of Agency, knowledge of a duly appointed agent was the knowledge of his principal and vice versa. M/s. Dadabhoy Cement Industries Limited and 6 others v. National Development Finance Corporation, Karachi PLD 2002 SC 500; M/s. Dadabhoy Cement Industries Limited and others v. National Development Finance Corporation 2002 CLC 166; M/s. Gold Star International and another v. Muslim Commercial Bank Limited 2000 MLD 421; M/s. Pakistan Kuwait Investment Company (Pvt.) Limited v. Bank Al Falah Limited and 11 others 2003 CLD…

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