Securitisation act

s b krishna (Querist) 01 July 2012 This query is : Resolved
Whether sec.5 of limitation act, 1963 is applicable to proceedings before DRT under sec.17 of the Securitisation Act ?

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R.K Nanda (Expert) 02 July 2012
No, not at all.

K.K.Ganguly (Expert) 03 July 2012
No. It is 45 days only, for filing application u/s 17 of SARFAESI ACT, 2002, from the date of receipt of Possession Notice u/s 13(4) of the Act.

c.p.s. ramachary (Expert) 10 July 2012
There are controversies among high courts on this issue. One should remember that while deciding Mardia Chemical's case Supreme Court allowed those borrowers who approached it to agitate their grievances before DRTs nearly after 2 years. This shows that the supreme court may take the same view which Allahabad, Bombay & Madras High Courts have taken in the recently cited case. Please see a seperate Article on this point posted by me.

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