Sajjan Textile Mills Ltd vs Icici Bank Ltd And Ors

The Supreme Court addressed the procedural issues surrounding the recovery of loans under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The Court held that the Recovery Officer's actions in accepting bids and managing the sale of assets must adhere to the principles of natural justice and due process, emphasizing the need for timely compliance with procedural requirements. The Court ultimately directed that the recovery proceedings be conducted in accordance with the law, ensuring that all parties are given a fair opportunity to present their case.