INDIAN BANK vs M/S BLUE JAGGERS ESTATES LTD.

The Supreme Court ruled that the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (Section 13) can be invoked even during the pendency of recovery proceedings under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. The Court held that the appellant bank was entitled to recover dues as per the terms of the Joint Memo of Compromise, which stipulated that non-compliance would allow the bank to recover the full amount. The Court dismissed the respondents' objections, affirming the bank's right to proceed with recovery actions.