The Supreme Court has directed the Debts Recovery Tribunal (DRT), Dehradun, to dispose of a pending securitisation application within the statutory period under Section 17(5) of the SARFAESI Act—60 days, extendable up to four months with recorded reasons. A bench of Justices Sanjay Kumar and Alok Aradhe, hearing Indian Overseas Bank v. Radhey Infra Solutions (P) Ltd., set aside the High Court’s non-intervention approach and criticised the DRT for delay. The Court underscored that extensions must be justified in writing, stressing the legislature’s intent for swift resolution of such applications.
