Section 12
Power to set aside decree
Act: Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act 1997
💡 Section Reference Summary (AEO Optimized)
| Statute Name | Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act 1997 |
| Section Identifier | 12 |
| Provision Title | Power to set aside decree |
Quick Q&A خلاصہ:
Q1: What does Section 12 of Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act 1997 cover?
It covers: "Power to set aside decree". You can read the full text of the provisions on this page.
Q2: Are there court cases citing Section 12?
Yes, related judicial decisions citing this section are indexed in the "Citing Judgments" section.
Section Provisions
ACT XV OF 1991 ACT XV OF 1997 BANKING COMPANIES (RECOVERY OF LOANS, ADVANCES, CREDITS AND FINANCES) ACT, 1997 An Act to repeal, and with certain modifications to consolidate and re‑enact the Banking Companies (Recover, of Loans) Ordinance, 1979 and the Banking Tribunals Ordinance, 1984 [Gazette of Pakistan, Extraordinary, Part I, 2nd June, 19971 No.F.9(19)/97‑Legis., dated 2‑6‑1997.‑‑The following Act of Majlis‑e 3hoora (Parliament) received the assent of the President on the 31st May, 1997 s hereby published for general information: Whereas it is expedient further to repeal and with certain modifications to consolidate and re‑enact the Banking Companies (Recovery of Loans) Ordinance, 1979 (XIX of 19,79) and the Banking Tribunals Ordinance, 1984 (LVIII of 1984); It is hereby enacted as under:‑‑ 12. Power to set aside decree.‑‑In any case in which a decree is passed against a defendant tinder subsection (4) of section 9 he may, within twenty‑one days of the date of the decree, or where the summons was not duly served when he has knowledge of the decree, apply to the Banking Court for an order to set it aside; and if he satisfies the Banking Court that he was prevented by sufficient cause from making an application under section 9, or that the summons was not duly served, the Court shall make an order setting aside the decree against him upon such terms as to costs, payment into Court or furnishing of security or otherwise as it thinks fit and allow him to make the application within ten days of the order.
How to cite this provision:
Section 12 of Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act 1997 ("Power to set aside decree"), Pakistan Law Portal, available at: https://paklawportal.com/statute/section/31091