SAJJAN TEXTILE MILLS LTD. vs ICICI BANK LTD .

The Supreme Court addressed the issue of recovery proceedings initiated by a bank against Sajjan Textile Mills Ltd. under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. The Court held that the DRT had the authority to transfer recovery proceedings and that the bank's actions in accepting the second highest bid were valid despite the delays in payment. The Court emphasized the need for adherence to procedural requirements in recovery processes, ultimately upholding the DRT's decision to accept the bid from the second respondent.