CANARA BANK vs M. AMARENDER REDDY

The Supreme Court upheld the High Court's interpretation of Rule 8(6) and Rule 9 of the Security Interest (Enforcement) Rules, 2002, mandating that a secured creditor must provide a separate individual notice to the borrower with a clear 30-day period before deciding on the sale of secured assets. The Court emphasized that this requirement is statutory and essential for effective implementation of Section 13(8) of the Act. The Court held that the sale notification issued by the appellant bank was invalid due to non-compliance with this mandatory notice requirement.