Applicability of sec. 5 of limitation act in appeals beforre nse
Mrs. Rakhi Vaishnav
(Querist) 24 July 2012
This query is : Resolved
hello,
i have filed a matter with appellate arbitration panel of National stock of India (NSE)with delay condonation application to condone delay of 89 days in filing appeal. my qurry is- Is sec. 5 of limitation act applicable to appeals filed with National stock exchange? can anyone please guide me on this with some judgement / citations in support of the same?
Mrs. Rakhi Vaishnav
(Querist) 26 July 2012
thank you sir for your response. the acts of the case are as below:
- one appeal is filed with National Stock Exchange challenging the order passed by single arbitrator in arbitration matter filed by an investor against trading member.
- there is 89 days delay in filing the appeal before appellate tribunal of NSE. the stipulated time to file the same is 30 days time.
- the appeal is accompanied with delay condonation application U/s. 5 of limitation act.
- it is the opinion of appellate panel of arbitrator that the limitation act is not applicable to NSE appeals and SEBI and therefore, they do not have any powers to condone delay.
CAN YOU PLEASE PROVIDE ME CITATIONS WHICH WOULD SHOW THE APPLICABILITY OF SEC. 5 OF LIMITATION ACT IN ARBITRATION APPEAL FILED WITH NSE?
thank you,
