STATE BANK OF INDIA vs SANTOSH GUPTA AND ANR. ETC.

The Supreme Court held that the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI) are applicable to the State of Jammu & Kashmir, thereby overruling the High Court's decision that deemed them outside the legislative competence of Parliament due to conflicts with Section 140 of the Transfer of Property Act, 1920. The Court clarified that SARFAESI allows banks to enforce security interests without court intervention, emphasizing the importance of uniformity in financial legislation across India. The appeals were allowed, affirming the applicability of SARFAESI to all India banks operating in Jammu & Kashmir.