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VIJAY BISHNOI, N. UNNI KRISHNAN NAIR
Baruah C. C. Block Industry – Appellant
Versus
State Bank of India, Mumbai – Respondent
JUDGMENT :
VIJAY BISHNOI, C.J.
1. Heard Mr. S. Mitra, learned counsel for the petitioners. Also heard Mr. K.K. Nandi, learned counsel appearing for all the respondents.
2. The petitioner No. 1 herein is a proprietorship firm, which is represented by its sole Proprietor Smti. Anju Barua, i.e. the petitioner No. 2. They have preferred this writ petition challenging the notice dated 19.05.2023 issued by the respondent Bank under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter to be referred as “SARFAESI Act”) and the subsequent notices dated 25.07.2023 and 05.08.2023 issued by the respondent Bank under Rule 8(1) of the Security Interest (Enforcement) Rules, 2002 (hereinafter to be referred as “Rules of 2002”). The petitioner’s loan account was declared as a Non-Performing Asset (NPA) on 28.02.2023.
3. Initially the petitioners have challenged the action of the respondent Bank by way of filing an application under Section 17(1) of the SARFAESI Act before the Debts Recovery Akshat Commercial Private Tribunal, Guwahati Bench, Guwahati (hereinafter to be referred as “DRT”). However, the said application cam
The DRT has the authority to condone delays in applications under Section 17 of the SARFAESI Act, applying the Limitation Act provisions.
The DRT must consider the Limitation Act's provisions regarding the condonation of delay in SARFAESI applications, ensuring just consideration of delay reasons.
The 45-day limitation period under Section 17 of the SARFAESI Act is mandatory and cannot be condoned by the DRT due to lack of inherent power.
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