Selvaraj P v. City Union Bank Limited
Case brief
What is this about?
The Debts Recovery Tribunal dismissed an origin application seeking to condone a 15-day delay in filing a Securitization Application under Section 17(1) of the SARFAESI Act. The Tribunal held that the 45-day limit is mandatory and Section 5 of the Limitation Act does not apply to original proceedings under Section 17, citing Supreme Court precedents.
What did the court decide?
The origin application for condonation of delay in the Securitization Application was dismissed; the Securitization Application was also dismissed.