VASU P. SHETTY vs M/S HOTEL VANDANA PALACE .

The Supreme Court ruled that the mandatory requirements under Rules 8 and 9 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) regarding public notice for auction are not waivable. The Court held that the sale of the property was invalid due to insufficient notice, as the notice period of 30 days was not adhered to, thus setting aside the Division Bench's decision that had previously upheld the sale. The Court emphasized the importance of following statutory provisions to ensure fairness in the auction process.