134 days Delay in filing Appeal is not Condonable as per SARFAESI Act even without Cogent Reason : DRAT Dismisses appeal of PNB Housing Finance

The Debt Recovery Appellate Tribunal (DRAT) has ruled that a 134-day delay in filing an appeal is not condonable under the SARFAESI Act, 2002, even without a cogent reason, and thus dismissed the appeal filed by PNB Housing Finance. This strict interpretation highlights the critical importance of adhering to statutory limitation periods, especially within a specific act like SARFAESI designed for expedited debt recovery. The ruling reinforces that mere delays, absent compelling and justifiable reasons, cannot be overlooked, emphasizing the need for diligence and timely legal action to ensure the effectiveness and purpose of the debt recovery framework.