In Brief
A bank sought to enforce a security interest in an immovable property offered by a guarantor after the principal borrower defaulted on a Rs. 1 crore loan. The bank issued a notice and conducted an e-auction sale. The guarantor challenged the auction, claiming the bank violated statutory notice procedures under the SARFAESI Act. The High Court held that the bank must give two separate notices: an individual 30-day notice and only then a public notice, with sequential timing. The Supreme Court allowed the bank's appeal, holding that individual and public notices can be issued simultaneously, provided the actual sale occurs only after 30 days from such notice. No separate pre-mode decision notice is required."
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