Madras High Court Upholds Government's Rejection of Appeal Under Section 70 of Chit Funds Act, 1982, Due to Inordinate Delay of Over Three Years. Appellants Failed to Provide Convincing Reasons for Delay and Were Deemed to Have Slept Over Their Rights, Barring Re-adjudication of Concluded Arbitration Award....
The matter arose from a chit fund transaction where the appellants, members of the third respondent chit company, defaulted in payment of chit amounts. One appellant also stood as guarantor. The dispu...
