Case Law Analysis
|Bombay High Court
DRT Lacks Power to Condone Delay Beyond 45 Days in Securitisation Applications | SARFAESI Act : Bombay HC
Bombay High Court ruled that Debts Recovery Tribunal (DRT) cannot condone delay beyond 45 days in filing securitisation applications under SARFAESI Act, relying on Supreme Court precedent. The judgment clarifies that DRAT erred in allowing condonation where the statutory limitation period was breached, impacting auction purchasers and secured creditors.
