' This appeal is directed against order 7-5-2001 passed by the Banking Court dismissing the objection petition filed by the present appellants.
2. Brief facts leading to the filing of this appeal ate that the respondent-Bank filed a suit for recovery, inter alia, against the appellants before the Banking Tribunal which was decreed vide judgment dated 5-11-1996. Subsequently, the Banking Tribunals Ordinance, 1984 was repealed by enactment of Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997.
Whereafter the respondent-Bank filed an execution petition before the Banking Court on 13-5-2000.
The appellants filed an objection petition seeking dismissal of the execution petition on the ground that it was barred by limitation. The Banking Court vide the impugned order dismissed the objection petition filed by the appellants.
3. The learned counsel for the parties have been heard and the record perused.
4. It is contended by the learned counsel for the appellants that the execution petition was required to be filed within three years of the passing of the decree, hence, was barred by limitation. On the other hand, it is contended by the learned counsel for the respondent-Bank that the provisions of the Limitation Act did not apply to the proceedings under the Banking Tribunals Ordinance, 1984 and upon the enactment of the Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act, 1997 a fresh cause of action accrued in favour of the respondent-Bank in terms of section 22 subsection 2 thereof. Hence, the respondent-Bank could file an execution petition within three years of the enactment of the said Act. The aforesaid Act came into force on 1st August, 1997 and the execution petition in question was filed on 13-5-2000 within three years of coming into force of the Act of 1997, hence, was within time.
5. The contentions raised by the learned counsel for the respondent-Bank are in accordance with law. Though the Limitation Act applies to proceedings undertaken under the Act of 1997, yet a fresh cause of action is deemed to have accrued to the respondent on coming into force of the said Act in terms of section 22 subsection 2 thereof. The limitation for filing the first execution petition is three years and the present execution petition has been filed within the said period from coming into force of the Act of 1997, hence, is within time as has also been held by a learned Division Bench of this Court in a case reported as Muhammad Akhtar v. Agricultural Development Bank of Pakistan 2005 CLD 1173.
6. View of the above, this appeal is without any force and is hereby dismissed.