Both the answers with some research I did, collectively resolves my question.
Step 1:
From the below mentioned article #1 (which I found during my research):
From a very high view, IIS is just a process which is listening on a
particular port (usually 80). Listening means it is ready to accept a
connections from clients on port 80. A very important thing to
remember is: IIS is not ASP.NET. This means that IIS doesn't know
anything about ASP.NET; it can work by itself.
Step 2:
Note: When we deploy and start the application in IIS, it would call Application_Start which would register the routes
.
So, when MVC request comes to IIS, we are ready with our Route Table to handle this request.
Step 3:
As mentioned by @Babin, IIS doesn't know how to handle the request but because of ASP.NET framework, the request automatically goes to managed handlers.
Step 4:
As mentioned by @Rune, the request is intercepted by the UrlRoutingModule
which in turn gets object of MvcRouteHandler class that will ultimately map to controller and action to handle the request.
Step 5:
As mentioned in one of SO question's comments:
If no routes match, the UrlRoutingModule object does nothing
and lets the request fall back to the regular ASP.NET or IIS request processing.
References:
I found good articles to read through and clear out the doubts in IIS request processing.
1) The following link has in-depth explanation for how IIS handles ASP.NET WebForms request:
http://www.codeproject.com/Articles/121096/Web-Server-and-ASP-NET-Application-Life-Cycle-in-D
2) The following links explains how IIS handles MVC requests using managed handlers:
http://blogs.msdn.com/b/tmarq/archive/2010/04/01/asp-net-4-0-enables-routing-of-extensionless-urls-without-impacting-static-requests.aspx
3) MVC Lifecycle:
http://pratiktips.blogspot.de/2012/08/the-magic-of-aspnet-mvc-model-binding.html