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2007 (12) TMI 296 - HC - Companies LawFrom which point does the period of limitation of 45 days prescribed in section 17 of the NPA Act start running; from the date on which symbolic possession is taken or from the date on which actual possession is taken. Whether and to what extent the Limitation Act, 1963 is applicable to the proceedings under section 17(1) of the NPA Act? Held that:- An appeal under section 17 (1) of the NPA Act can be filed within 45 days from the date on which actual possession is taken as there is no dichotomy between symbolic possession and actual possession. However, we make it clear that there is no further accrual of cause of action. The borrower's right in the secured assets having been extinguished, he has no right to object to the procedure of sale. Thus Forty-five days' period of limitation prescribed under section 17(1) of the NPA Act starts running from the date which symbolic possession is taken or from the date when actual possession is taken as there is no dichotomy between the two. The provision of section 5 of the Limitation Act is applicable to no proceedings under section 17(1) of the NPA Act.
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