Prince Polymers vs STATE BANK OF INDIA on 15 April 2026

1. 1. Arguments of Ld. Counsel for both the parties on the Application for Condonation of Delay being M.A. No.46/2023 moved by Applicant for condoning delay of 18 days in filing above Securitisation Application have been heard.

2. 2. Application being M.A. No.46/2023 has been filed by Applicant for condonation of delay of 18 days in filing above Securitisation Application on 06/10/2023 from the date of receipt of notice u/s 13(4) dated 15/07/2023 on the ground that the Applicant is a third party in relation to the loan transaction / mortgage between the Respondents herein. Therefore, it took some time for the Applicant to get the relevant documents executed between the Respondents. Thereafter the Applicant herein had to take a legal opinion from the professional, which 2MA 46 of 2023

also took some time to take decision for filing the Securitisation Application.

1. 3. The Applicant has further stated that the delay is not huge and properly explained. It is further contended that delay, if any, is not intentional and liberal approach in condoning delay should be adopted and delay should be condoned in filing above Securitisation Application.

2. 4. The Respondent Bank has opposed the above Application for Condonation of Delay on the ground that the reasons mentioned in the Application for Condonation of Delay are false and neither legal nor proper nor sufficient and no sufficient cause has been shown for condonation of delay of 18 days and no day-to-day delay has been explained by Applicant in their Application and thus, the above Application deserves to be rejected.

3. 5. It appears from perusal of pleadings and evidence led by both the parties as also from the arguments of Ld. Counsel for both the parties that it has not seriously been disputed by Respondent Bank that notice u/s 13(4) of SARFAESI Act was issued on 15/07/2023 and the Applicant has filed the Securitisation Application with the application for condonation of delay before this Tribunal on 06/10/2023. Since the Applicant is a third party in respect of the loan transaction and impugned mortgage between the Respondents herein, it is obvious that some time could have been consumed in taking legal action. It has been held by **Hon'ble Gujarat High Court in LPA No.224/2020 in the case of Manglesh Champaklal Gandhi** that this Tribunal has discretion to entertain Application u/s 17(1) of SARFAESI Act beyond the period of 45 days as provisions of Section 5 of Limitation Act would apply and such discretion has to be exercised taking into consideration the facts and circumstances on the aspect of sufficient cause to condone the 3MA 46 of 2023

delay or not. The reasons as explained by Applicant in his Application for Condonation of Delay appear to be sufficient in the facts and circumstances of the above case and thus, the Application for Condonation of Delay deserves to be allowed in the interest of justice.

1. 6. In view of the aforesaid discussion, the present Application for Condonation of Delay is allowed. Delay of 18 days in filing Securitisation Application is hereby condoned.

2. 7. Registry is hereby directed to register and number the Securitisation Application.

File be consigned to record.

**(PANKAJ KUMAR UPADHYAY)** **PRESIDING OFFICER** **DRT-II, AHMEDABAD**

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