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Judgment
The application has been made nearly 3 years after the order sought to be appealed against was passed.
It is contended that Section 5 of the Indian Limitation Act cannot be applied, because Section 78 of Act V of 1920 conferred a new right after
the inception of these insolvency proceedings. We consider that this section did not create for the first time or take away any substantive right, but
that it merely regulated the procedure applicable to appeals and applications under the Provincial Insolvency Act.
We have therefore power to excuse delay and the fact that leave to appeal was not necessary under the old Act (III of 1907) is a sufficient
reason for doing so.
Leave to appeal is granted u/s 75(3) of Act V of 1920.