The Supreme Court recently stated in the case of International Asset Reconstruction Co vs Official Liquidator of Aldrich Pharma and others, that the Tribunal is not limited by the rules of the Code of Civil Procedure and can devise its own procedure. The matter was in relation to the time limit for moving an appeal to the debt recovery tribunal which is different from the period set in the Limitation Act.
The Recovery of Debts and Bankruptcy Act allows only 30 days while the Limitation Act condones a delay of 45 days and more, if sufficient reasons are given.
The judgment stated that 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. Moreover, a tribunal is not a court though it has the trappings of a court.