AUTH.OFFR.,INDIAN OVERSEAS BANK vs M/S.ASHOK SAW MILL

The Supreme Court ruled on the applicability of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), specifically addressing the invocation of Section 13(2) and Section 13(4) for the recovery of loans by banks. The Court held that the Bank's actions in taking possession of secured assets were valid despite the respondent's failure to approach the Debts Recovery Tribunal (DRT) within the stipulated time. The judgment affirmed the legality of the Bank's sale notice under the SARFAESI Act, emphasizing the importance of timely legal recourse by borrowers.