Court Upholds Right to Condone Delay: SARFAESI Act Applications Can Seek Relief Beyond 45-Day Limit

Jabalpur, January 3, 2024: In a significant ruling, the Madhya Pradesh High Court, presided over by Hon'ble Justices Sheel Nagu and Vivek Jain, has set a precedent by allowing a petition filed under Article 227 of the Constitution of India challenging a final order passed by the Debt Recovery Tribunal (DRT) under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Key Points…