Law: Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)

Section: 24

(a) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)---S.24---Limitation Act (IX of 1908), Ss. 3 & 19---Suit, time­barred---Acknowledgement made after expiry of limitation--­Effect---Facility granted to appellant in the year 1980---Suit filed in 1992---Limitation for filing suit three years from the date it became due---Date from which payment of loan became due not mentioned in plaint nor any acknowledgement brought on record within the limitation period to get benefit of S.19 of Limitation Act, 1908---Held; once the limitation had expired and no acknowledgment had been made within the period of limitation, any acknowledgement made after the expiry of the limitation period, would not extend the time. (b) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- -----S. 7---Limitation Act (IX of 1908), S.3---Duty of Banking Court--­Held, whether the leave application of the appellants was filed after the period of limitation or not filed at all, it was the duty of the Banking Court under S.3 of Limitation Act, 1908 to have examined whether the suit of the Bank was within time--­Impugned decree was thus set aside and the case remanded to Banking Court to exercise powers under S.3, Limitation Act, 1908 keeping in view the principles of S.19 of the said Act in order to examine and decide from the contents of the plaint and attached documents whether the suit of the Bank was within time. PLD 1993 SC 147 ref. (c) Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001)--- -----S.24---Limitation Act (IX of 1908), Ss.3 & 19---Once the limitation had expired and no acknowledgment had been made by the Bank within the period of limitation, any acknowledgement made after the expiry of the limitation period, would not extend the time. JUDGMENT MIAN SAQIB NISAR, J.---In a suit for recovery, filed by the respondent-Bank, against the appellants, by refusing the leave application of the appellants, primarily being barred by time, learned Banking Court through the judgment and decree dated 21-3-2000, has allowed the suit to the tune of Rs.3,34,429.89. 2. Briefly stated the facts of - the case are that on 24-12-1992,…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492