M/S Transcore vs Union Of India & Anr

The Supreme Court ruled that the withdrawal of an Original Application (O.A.) under the first proviso to Section 19(1) of the DRT Act, 1993 is a condition precedent for a bank to take recourse to the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The Court clarified that prior permission from the Debts Recovery Tribunal is necessary before invoking the NPA Act, emphasizing the procedural requirement established by the amended provisions. The appeal was allowed, reinforcing the need for adherence to statutory conditions before proceeding with enforcement actions.