A successful auction buyer of security property is invoking the
writ jurisdiction of this Court for assailing the order dated 14.02.2025
made by the Debts Recovery Appellate Tribunal (DRAT), Kolkata
whereby Appeal No.76 of 2024, filed by Opposite Party No.1
(hereinafter ‘borrower’) having been favoured, order dated 29.02.2024
made by DRT dismissing borrower’s S.A. NDN 2519 of 2019 has been
set at naught and matter is remitted to the DRT for disposal afresh, on
merits.
2. Learned counsel appearing for the Petitioners submits that under
the statutory policy enacted by the Parliament in Section 17 of the
Securitization and Reconstruction of Financial Assets and Enforcement
of Security Interest Act, 2002; there is a specific period of limitation for
filing the S.A. before the DRT; once the period of limitation expires, the
right to challenge coercive proceedings of loan recovery would wither
away; there is no provision like Section 5 of the Limitation Act, 1963
providing for condonation of delay; that being the position, the DRT
was more than justified in negativing the challenge laid by the borrower
on the ground of delay.