https://www.taxtmi.com/caselaws?id=114069 Under the SARFAESI Act, the 45-day period for a borrower to apply under section 17(1) is computed from actual possession of the secured asset, rather than symbolic possession. Possession under section 13(4)(a) comprises symbolic and actual stages and does not create separate limitation triggers; linking limitation to actual possession preserves an effective remedy where actual possession follows after symbolic possession. Section 5 of the Limitation Act applies through section 29(2), as the SARFAESI framework neither expressly nor necessarily excludes it. Delay in a section 17(1) application may therefore be condoned on sufficient cause. en-us Wed, 19 Dec 2007 00:00:00 +0530 Wed, 17 Dec 2014 12:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=114069 Under the SARFAESI Act, the 45-day period for a borrower to apply under section 17(1) is computed from actual possession of the secured asset, rather than symbolic possession. Possession under section 13(4)(a) comprises symbolic and actual stages and does not create separate limitation triggers; linking limitation to actual possession preserves an effective remedy where actual possession follows after symbolic possession. Section 5 of the Limitation Act applies through section 29(2), as the SARFAESI framework neither expressly nor necessarily excludes it. Delay in a section 17(1) application may therefore be condoned on sufficient cause. Case-Laws Companies Law Wed, 19 Dec 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=114069