Whether the delay in preferring an appeal u/s 30 of RDB Act, 1993 beyond a period of 30 days is condonable by virtue of Sec. 20 read with Sec. 24 of the RDB Act as well as Sec. 5 of the Limitation Act – Nipco Manufacturing & Trading Company Ltd. and Ors. Vs. Central Bank of India – DRAT Mumbai
December 19, 2024
The Hon’ble Supreme Court has in International Asset Reconstruction Company of India Ltd. vs. Official Liquidator of Aldrich Pharmaceuticals Ltd. & Ors. (2017) ibclaw.in 77 SC observed that the RDDB Act was enacted to facilitate and expedite recovery of debts due to banks and financial institutions by summary proceedings before the statutory Tribunal. Section 18 bars the jurisdiction of any court or other authority in such matters (except the Supreme Court/High Court under Articles 226 and 227 of the Constitution). Sec. 31 provides for the transfer of pending cases from a court to the Tribunal.