Chit Funds Act, 1982 – Section 71 and Code of Civil Procedure (CPC) – Order 21 Rule 48A – This Civil Revision Petition challenges the order passed in E.P.No.4166 of 2022, which arose from A.R.C.No.24 of 2018, regarding the execution of an arbitral award. The respondent obtained an award against the petitioner and others, and subsequently filed an execution petition to attach the petitioner’s salary. The petitioner argued that the execution petition was time-barred under Section 71 of the Chit Funds Act, 1982, which prescribes a 3-year limitation period from the date of the award.
The petitioner also contended that he is merely a guarantor, and the decree holder should first proceed against the principal debtor, whose properties were already attached.