N.V. ANJARIA, J.

Heard learned advocate Mr.Bharat Jani for the petitioner and learned advocate Ms.Nalini Lodha for the respondent No.1 Bank. For the second respondent-Debt Recovery Appellate Tribunal, though served, none appeared.

2. Present petition is directed against order dated 06th June, 2014 passed by the Debts Recovery Appellate Tribunal, Mumbai rejecting the application of condonation of delay filed by the petitioner. The delay was of 112 days and the principal ground furnished for condoning it was the reason of financial constraint.

3. The facts in the background may be noticed in brief. The petitioner who was engaged in the business of Timber, appears to have been granted various credit facilities by the respondent No.1- Punjab National Bank. As the dues could not be cleared and the petitioner failed to repay the assistance to the Bank, Bank invoked the powers of recovery under the SARFAESI Act, 2002, issued notice under Section 13(2) of the said Act, and thereafter a further notice for possession under Section 13(4) of the Act was issued. The said measures taken by the respondent Bank came to be challenged by the petitioner by filing Securitisation Application No.