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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 accuse the 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.