https://www.taxtmi.com/caselaws?id=370189 The Punjab and Haryana HC stated that the Debts Recovery Tribunal can condone delay in an application under Section 17 of the SARFAESI Act because Section 17(7) directs the Tribunal to follow the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, and Section 24 of that Act applies the Limitation Act, 1963. As the SARFAESI Act does not expressly or by necessary implication exclude the Limitation Act, Section 5 remains available for delay-condonation. The Tribunal's refusal to consider delay on the supposed absence of power was therefore unsustainable, and the matter was remitted for fresh consideration on merits. en-us Mon, 29 Oct 2018 00:00:00 +0530 Tue, 13 Nov 2018 07:48:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370189 The Punjab and Haryana HC stated that the Debts Recovery Tribunal can condone delay in an application under Section 17 of the SARFAESI Act because Section 17(7) directs the Tribunal to follow the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, and Section 24 of that Act applies the Limitation Act, 1963. As the SARFAESI Act does not expressly or by necessary implication exclude the Limitation Act, Section 5 remains available for delay-condonation. The Tribunal's refusal to consider delay on the supposed absence of power was therefore unsustainable, and the matter was remitted for fresh consideration on merits. Case-Laws Indian Laws Mon, 29 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370189