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2018 (11) TMI 532 - PUNJAB AND HARYANA HIGH COURTDelay in filing Securitisation application - power of Debt Recovery Tribunal to condone delay - Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 - whether the Debt Recovery Tribunal has the power to condone the delay in filing the Securitisation application (SA) under Section 17 of the 2002 Act? Held that:- There is a specific provision under Section 17(7) of the 2002 Act stating that the Debts Recovery Tribunal, as far as may be, dispose of the application in accordance with the provisions of the 1993 Act and the rules made thereunder. Further, Section 24 of the 1993 Act states that the provisions of the Limitation Act, 1963 would apply to an application made to the Tribunal. Hence the intention of the legislature clearly shows that the provisions of the Limitation Act, 1963 are specifically applicable to the 2002 Act. The legislature has not specifically excluded the provisions of the Limitation Act, 1963. It is well settled that the Limitation Act, 1963 is procedural law. In Hitendra Vishnu Thakur vs. State of Maharashtra, [1994 (7) TMI 343 - SUPREME COURT OF INDIA], it has been held by the Supreme Court that law relating to forum and limitation is procedural in nature, whereas law relating to right of action and right of appeal even though remedial is substantive in nature. Section 17(1) of the 2002 Act is virtually a remedy in respect of a right of redemption. Hence the application of Section 5 of the Limitation Act, 1963 to proceedings under Section 17(1) of the 2002 Act would neither defeat the rights nor cause irreparable hardship to the secured creditor. The provisions of the Limitation Act, 1963 are applicable to the proceedings under Section 17 of 2002 Act before the DRT in view of Section 24 of the 1993 Act and therefore, the provisions of section 5 of the Limitation Act, 1963 are applicable to the provisions of the said Act. Further, 2002 Act does not expressly exclude the application of the provisions of the Limitation Act, 1963. The impugned orders passed by the DRT dismissing the application under section 17 of the 2002 Act on the ground that the Debt Recovery Tribunal does not have the power to condone the delay, are quashed - petition allowed.
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