Supreme Court Ruling on Banking Case: Auction, Objections, and Limitation Period Explained.1) Section 22 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (2) Order XXI Rule 89 & 90 of the CPC r/w Section 19 (7) of the FIO (3) Under Article 166 of the Limitation Act, only 30 days’ time is available to apply for setting aside a sale in the execution of a decree.The Supreme Court upheld the Lahore High Court's dismissal of a banking case appeal involving objections to the auction of mortgaged property. Key issues included transparency in auction proceedings, delay in filing objections, and compliance with Order XXI Rule 90 CPC and the Limitation Act, 1908.
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