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Issues: Whether Section 5 of the Limitation Act, 1963 applies to an appeal filed before the Debts Recovery Appellate Tribunal under Section 18 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and whether the Appellate Tribunal has jurisdiction to condone delay in filing such appeal.
Analysis: Section 18 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 prescribes an appeal to the Appellate Tribunal and requires it to be disposed of in accordance with the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and the rules made thereunder. Section 17 of the same Act also links proceedings before the Tribunal to the DRT Act. Section 24 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 makes the Limitation Act, 1963 applicable to applications before the Tribunal, while Section 22 gives the Tribunal and Appellate Tribunal powers to regulate procedure and exercise specified civil court powers. In the absence of any express exclusion of the Limitation Act in the SARFAESI Act, Section 29(2) of the Limitation Act, 1963 applies, with the result that Sections 4 to 24 of that Act, including Section 5, extend to proceedings under Sections 17 and 18 of the SARFAESI Act. The contrary view taken in the impugned order was held to be incorrect.
Conclusion: Section 5 of the Limitation Act, 1963 applies to an appeal before the Debts Recovery Appellate Tribunal under Section 18 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, and the Tribunal has jurisdiction to consider condonation of delay on merits.
Final Conclusion: The rejection of the delay-condonation application was set aside and the matter was sent back to the Appellate Tribunal for fresh consideration of delay on merits.
Ratio Decidendi: Where a special statute does not expressly exclude the Limitation Act and incorporates the procedure of another enactment that itself attracts the Limitation Act, Section 29(2) of the Limitation Act brings in Sections 4 to 24, including the power to condone delay under Section 5.