In Brief
The appellants sought to set aside a notice issued by Bank of India under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, after the bank took possession of their mortgaged property. The Supreme Court held that the appellants had lost their legal right to redeem the property because they failed to make a valid tender before the bank issued and registered the sale certificate. Once the sale certificate was registered and the dues remained unpaid, the appellants' redemption rights were extinguished. The appeals were accordingly dismissed with no order as to costs.
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