DRT cannot condone delay in Filing Appeal before it: SC

International Asset Reconstruction Company of India Ltd. Vs The Official Liquidator of Aldrich Pharmaceuticals Ltd. (Supreme Court of India) The RDB Act was enacted to facilitate and expedite recovery of debts due to banks and financial institutions by summary proceedings before a statutory Tribunal. Section 18 bars the jurisdiction of any court or other authority in such matters (except the Supreme Court/High Court under Articles 226 and 227 of the Constitution). Section 31 provides for transfer of pending cases from a Court to the Tribunal. The Act provides a complete procedure for instituti...