Can the financial Institutions enforce security interest of the barrowers whcih is hit by the Limitation Act?
Dinkar Vidyarthi (Advocate) 02 June 2010
I think that Law of Limitation is a portion prima facie considerable by the judge and advocates in any proceeding in court. it has a most important feature and based on so many maxims like law help those who are vigilant and not make pillow of their rights( Legal) to Sleep.
so after issuing a notice under sec 13 SARFAESI Act, if any bank of financial institution does not go for proper relief from authority with in time then definately you have a right to get quashed the same and oppose any condonation of delay application for such delay.
SANJEEV SRIVASTAVA (LAWYER) 22 July 2010
I think plea of limitation should be taken at first stage otherwise you'll loose the limitation plea therefater in appeal.