Skip to content

CS Professional · Banking and Insurance - Laws and Practice · Inspection, Investigation, Penalty and Appellate Procedure

Mehta Insurance Brokers filed its appeal to the Tribunal on the 60th day after receiving the IRDAI order, because its director was hospitalised throughout the period. Which statement is correct under section 110?

The Tribunal may entertain the late appeal if it is satisfied that sufficient cause prevented filing within forty-five days. Condonation power rests with the Securities Appellate Tribunal itself, so the delay is not an absolute bar and IRDAI has no role in condoning it.

  1. AThe appeal is barred absolutely because forty-five days have passed
  2. BThe Tribunal may entertain it if satisfied there was sufficient cause for the delayCorrect
  3. COnly IRDAI can condone the delay
  4. DThe appeal must instead be filed before the High Court

Explanation

The proviso to section 110(2) lets the Securities Appellate Tribunal entertain an appeal after forty-five days if it is satisfied that there was sufficient cause for not filing within time. The power to condone lies with the Tribunal, not IRDAI.

Did you get it right without looking?

One question tells you little. A timed set on Inspection, Investigation, Penalty and Appellate Procedure shows your real accuracy, how long you take and where you lose marks.

Practise Inspection, Investigation, Penalty and Appellate ProcedureFree diagnostic mock

More Inspection, Investigation, Penalty and Appellate Procedure questions