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left arrow Oct 27, 2026

SC Holds that Bank can Invoke SARFAESI Act to Recover Debt Acquired from NBFC that was not a Notified ‘Financial Institution’ at Time of Creation of Such Debt

The Supreme Court (‘SC’) in Kotak Mahindra Bank Ltd. v. Trupti Sanjay Mehta[1] held that a bank can invoke the remedies under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (‘SARFAESI Act’) for recovery of a debt assigned to it or taken over by it from a non-banking financial companies (‘NBFCs’) that was not a notified ‘financial institution’ at the time of creation of such debt. The SC observed that the provisions of the SARFAESI Act clearly convey the legislative intent that the legislation applies to all existing loan agreements, irrespective of whether or not the lender was a notified ‘financial institution’ on the date of execution of the agreement with the borrower.

[1] Kotak Mahindra Bank Ltd. v. Trupti Sanjay Mehta, 2026 SCC OnLine SC 1744.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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