Devi Ispat Ltd. & Anr vs State Bank Of India & Ors

The Supreme Court held that the classification of Devi Ispat's account as a non-performing asset (NPA) under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) was valid, as the bank had followed the necessary procedures. The Court emphasized that the borrower has an alternate statutory remedy under Section 13(3A) to make representations against such classification, which must be considered by the secured creditor. The Court upheld the dismissal of the writ petition by the Calcutta High Court, affirming the importance of following statutory remedies before seeking judicial intervention.