Limitation under rule 68B did not apply to RDDB act proceedings

Binu Vincent Vs Federal Bank Ltd. (Kerala High Court) Conclusion: Limitation under Rule 68B of the second schedule to the Income Tax Act did not apply to RDDB Act (Recovery of Debts Due to Banks and Financial Institutions Act, 1993) proceedings as Rule 68B of the IT Act had no mandatory application to recoveries under the RDDB Act; the auction sale was valid and within jurisdiction and the writ petition, being barred by delay and res judicata, was dismissed in entirety. Held: Assessee, borrowers and co-obligants of loans from Federal Bank, challenged the auction sale of mortgaged properties co...