BALESHWAR DAYAL JAISWAL v. BANK OF INDIA & Ors.

Judgment

[2015) 9 S.C.R. 1 BALESHWAR DAYAL JAISWAL V. BANK OF INDIA & ORS. (Civil Appeal No.5924 of 2015 etc.) AUGUST 05, 2015 [JAGDISH SINGH KHEHAR AND ADARSH KUMAR GOEL, JJ.] A B Securitisation and Reconstruction of Financial Assets c and Enforcement of Security Interest Act, 2002 - s. 18(2) - Appellate Tribunal - Power of - To condone delay in filing appeal u/s.18(1) of the Act- Held: s. 18(2) provides that the Tribunal under the Act has to dispose of an appeal in accordance with the provisions of Recovery of Debts Due to D Banks and Financial Institutions Act, 1993 - Thus the proviso to s. 20(3) of the 1993 Act is applicable - Unless the scheme of the statute expressly excludes the power of condonation, such power cannot be denied to the Tribunal, when the statutory scheme so warrants - Principle of legislation by E incorporation can be applied- Therefore, the Tribunal 10has the power u/s.

18(2) rlw proviso to s. 20(3) of the 1993 Act to condone the delay in filing appeal uls.18(1) - Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - s.20(3) proviso - Principle of legislation by incorporation - Delay - Condonation of F Limitation Act, 1963: S.29(2) -Applicability of- To the proceedings under G Securities and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002- Held: s.29(2) does not have absolute application - the 2002 Act impliedly excludes applicability of provisions of Limitation Act to the · extent a different scheme is adopted - Securitisation and H 1 .. - ' 2 SUPREME COURT REPORTS [2015] 9 S.C.R. A Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

S. 14 - Applicability of - Held: Prin_ciples under s. 14 would be applicable to the appeal u/s. 18(1) of SARFAESI B Act, 2002, even though the provisions of s. 5 and 29(2) of the Limitation Act are inapplicable to such. proceedings - Securitisation and Reconstruction of Finan<jal Assets and Enforcement of Security Interest Act, 2002 - s. 18(1 ). • c 0 E Disposing of the appeals, the Court HELD: 1. A bare perusal of Section 18(2) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), makes it clear that the Appellate Tribunal under the SARFAESI Act has to dispose of an appeairin accordance with the provisions of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (ROB Act).

In this respect, the provisions of the ROB Act stand incorporated in the SARFAESI Act for disposal of an appeal. Once it is so, there is no reason as to why the SARFAESI Appellate Tribunal cannot entertain an appeal beyond the prescribed period even on being satisfied that there is sufficient cause for not filing such appeal F within that period. [Para 8] (11-F-G] . · 2. Section 29(2) of the Limitation Act has no absolute application, as the statute in question impliedly excludes applicability of provisions of Limitation Act to the extent G a different scheme is adopted. Exclusion of power of condonation of delay can be implied. [Para 12] [14-B-C]