Overview
- Borrowers’ statutory right to redeem ends upon valid publication of a composite notice of sale, which is not limited to a newspaper announcement.
- Publication covers service on the borrower, affixation, newspaper publication, and online upload as required by the selected sale mode, with the 30‑day Rule 9(1) clock running from the latest of those steps.
- The 2016 change to Section 13(8) applies to accounts that defaulted after September 1, 2016, even if the loans were sanctioned earlier.
- Allowing the appeals in M. Rajendran, the Court set aside a Madras High Court order and affirmed that auction purchasers acquire indefeasible rights once a sale certificate is issued.
- The Court directed circulation of the judgment to all High Courts and the Finance Secretary and sought amendments to align Section 13(8) with Rules 8 and 9.