INTERNATIONAL ASSET RECONSTRUCTION COMPANY OF INDIA LTD. Vs. THE OFFICIAL LIQUIDATOR OF ALDRICH PHARMACEUTICALS LTD. AND OTHERS

JUDGEMENT

(1.) Leave granted.

(2.) A common question of law arising for consideration in both appeals is whether Sec. 5 of the Limitation Act, 1963 (hereinafter referred to as "the Limitation Act"), can be invoked to condone the prescribed period of 30 days, under Sec. 30(1) of the Recovery of Debts and Bankruptcy Act, 1993 (hereinafter referred as the "RDB Act"), for preferring an appeal before the Tribunal, against an order of the Recovery officer.

(3.) In view of the pure question of law involved, the facts of the case need not be elucidated. Suffice to observe that pursuant to a recovery certificate issued by the Tribunal under Sec. 19(22) of the RDB Act, the Recovery officer passed necessary orders under Sec. 28 of the Act. An appeal was preferred by the aggrieved against the same before the Tribunal, beyond the prescribed period of 30 days. It was held that Sec. 5 of the Limitation Act not being applicable to proceedings under Sec. 30 of the Act, the delay beyond the prescribed period could not be condoned.