S.17 SARFAESI Act | Applications Filed Beyond 45-Day Limit Not Barred From Seeking Condontation Of Delay Under Limitation Act: MP High Court

The Madhya Pradesh High Court recently held that Section 5 of the Limitation Act stipulating condonation of delay would apply in respect of applications under Section 17 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 before the Debt Recovery Tribunal filed beyond the period of 45 days. Taking note of Section 29 of the Limitation Act which inter alia stipulates that if the special law did not expressly exclude the application of Sections 4 to 24 of Limitation Act, the provisions of the Limitation Act would apply qua all causes raised under the Special Law, the Bench comprising Justice Sheel Nagu and Justice Vivek Jain observed: "The special law i.e. Ltd. & Ors., found that the application under Section 17 of SARFAESI Act was in the nature of a suit and that the provisions of Section 5 of Limitation Act would thus not be applicable, The High Court in this case however, ascertained that the Apex Court had not been seized with the question as to the applicability of provisions of Limitation Act to an application under Section17 of SARFAESI Act in Bank of Baroda. Additionally, the Court also took note that Section 29 provides that Sections 4 to 24 of Limitation Act would apply qua all causes raised under the special statute, unless expressly excluded.