DRT Has No Power To Condone Delay In Filing Appeal: SC [Read Judgment]

The Supreme Court, in International Asset Reconstruction Company Of India Ltd vs The Official Liquidator Of Aldrich Pharmaceuticals Ltd And Others, has held that the prescribed period of 30 days under Section 30 of the Recovery of Debts and Bankruptcy Act, 1993, for preferring an appeal against the order of the recovery officer cannot be condoned by application of Section 5 of. The Supreme Court, in International Asset Reconstruction Company Of India Ltd vs The Official Liquidator Of Aldrich Pharmaceuticals Ltd And Others, has held that the prescribed period of 30 days under Section 30 of the Recovery of Debts and Bankruptcy Act, 1993, for preferring an appeal against the order of the recovery officer cannot be condoned by application of Section 5 of the Limitation Act. In the instant case, an appeal was preferred by the aggrieved against the order of recovery officer before the tribunal beyond the prescribed period of 30 days and the tribunal held that Section 5 of the Limitation Act not being applicable to proceedings under Section 30 of the Act, the delay beyond the prescribed period could not be condoned. Referring to Section 2 of the Act and reading the same in conjunction with Rule 2 of the Debt Recovery Tribunal Rules, 1993, it was urged that an “application” filed under Section 30 of the Act was also amenable to condonation under Section 24 of the RDB Act.