INTERNATIONAL ASSET RECONSTRUCTION PVT. LTD vs OFFICIAL LIQUIDATOR OF ALDRICH PHARM.

The Supreme Court addressed whether Section 5 of the Limitation Act, 1963, can be applied to condone the 30-day limitation period under Section 30(1) of the Recovery of Debts and Bankruptcy Act, 1993. The Court held that Section 5 is not applicable to proceedings under Section 30(1) of the RDB Act, affirming that the RDB Act is a complete code in itself regarding recovery procedures. Consequently, the appeal was dismissed as the delay in filing was not condoned, establishing that the prescribed period cannot be extended without explicit legislative provision.