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2024 Supreme(MP) 4

SHEEL NAGU, VIVEK JAIN
Aniruddh Singh, S/o. Late Shri Laxman Singh – Appellant
Versus
Authorized Officer, ICICI Bank Ltd. , Jabalpur (Madhya Pradesh) – Respondent


Advocates Appeared:
For the Petitioner: Shri Sachin Jain & Ms. Surbhi Jain, Adv.
For the Respondent: Shri Shashank Verma, Ms. Aditi Shrivastava, Shri Malikarjun Khare And Shri Vedant Agrawal, Advs.

Judgement Key Points

Based on the provided legal document, there is no indication that this judgment has been overruled. The document itself discusses the applicability of the Limitation Act to applications under Section 17 of the SARFAESI Act and concludes with the decision to set aside the previous order of the DRT and remand the matter for consideration of the delay condonation application. There is no mention within the document of this judgment being challenged or overruled by a higher court or subsequent decision.


ORDER :

(Sheel Nagu, J.)

This petition filed under Article 227 of Constitution of India invoking supervisory jurisdiction of this Court, assails final order dated 02.09.2023 (Annexure-P/9) passed in S.A. No.806/2022 by Debt Recovery Tribunal, Jabalpur (for brevity “DRT”) dismissing the said SA filed u/S.17 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity “SARFAESI Act”) for being barred by limitation, having been filed beyond the period of 45 days stipulated in Section 17(1) of SARFAESI Act.

2. Learned counsel for rival parties are heard extensively on the short question as to whether benefit of provisions of Limitation Act, in particular Section 5, are available in respect of an application preferred u/S.17(1) of the SARFAESI Act or not ?

3. The judgments of Apex Court as well as various High Courts have been cited for and against the said question.

4. Short facts giving rise to the present dispute are that petitioner on 16.09.2022 filed an application (S.A. No.806/2022) u/S.17(1) of SARFAESI Act assailing demand notice, possession notice and auction notice issued in respect of the secured assets in question.

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