Auth.Offr.,Indian Overseas Bank & Anr vs M/S.Ashok Saw Mill

The Supreme Court upheld the actions of the appellant Bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), specifically Sections 13(2) and 13(4), in relation to the recovery of loans from the respondent partnership firm and its sister concern. The Court found that the respondent's failure to approach the Debts Recovery Tribunal (DRT) within the stipulated time frame justified the Bank's decision to sell the secured assets. The Court dismissed the writ petitions filed by the respondent, affirming the legality of the Bank's actions under the SARFAESI Act.