9911796707
TMI Blog2025 (5) TMI 46X X X X Extracts X X X X X X X X Extracts X X X X ..... AOR Mr. Shyam Divan, Sr. Adv. Mr. S. Ravi, Sr. Adv. Mrs. Indu Mathi Ravi, Adv. Mr. R. Sanjeev, Adv. Mr. V. Ramasubramanian, AOR Mr. Satish Parasaran, Sr. Adv. Mr. Vishnu Mohan, Adv. Mr. Ravi Raghunath, AOR ORDER 1. GBJ Hotels Private Limited GBJ Hotels is the petitioner in this special leave petition, which impugns an order dated 6th March 2025 passed by the High Court of Judicature at Madras High Court on a writ petition Writ Petition No. 1001 of 2025 presented by the respondents 1 Sriharan Sriparthmanathan and 2 Asiana Hotel Management Company PTE Limited. 2. Respondents 1 and 2 had received financial assistance provided by Edelweiss Finvest Limited. The debt was then assigned to Edelweiss Asset Reconstruction Company Limited, respond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted (wherein the respondents 1 and 2 were directors) and which was under a process of corporate insolvency. 6. Thereafter, the said letter, along with a memorandum of compliance (stating deposit of Rs. 120 crore pursuant to the order dated 26th February, 2025) and demand draft for the said sum, were placed before the High Court. The High Court vide order dated 5th March, 2025 acknowledged the same. Learned counsel for GBJ Hotels was directed to obtain instructions as to whether it was willing to improve its offer. 7. No doubt, GBJ Hotels emerged as the successful auction purchaser in the process of sale conducted by Edelweiss ARCL. However, faced with the situation that the High Court, in course of hearing, was informed of the offer of GR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Private Limited/petitioner and GRT Hotels and Resorts Pvt. Ltd./respondent no.8 have submitted their offers in sealed covers. 2. Respondent no.8 outbids the petitioner by almost Rupees seventeen crore by offering Rupees one hundred fifty-three crore. 3. We call upon the respondent no.8 to deposit, with the Registry of this Court, Rupees thirty-three crore by 9th April, 2025. In default, the bid of the petitioner will be considered together with forfeiture of such amount out of Rupees one hundred twenty crore deposited by the respondent no.8 earlier as this Court would deem fit and proper. 4. In case the deposit is made by the respondent no.8, Registry shall invest the said amount in a short-term fixed deposit interest bearing acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tents of the additional affidavit of Edelweiss ARCL as well a contention that the secured asset has been sold to GRT Hotels at a throwaway price. 13. At this juncture, we do not consider it necessary to examine the quantum of debt. The best available offer has been accepted. We are only tasked today to determine the rate of interest payable by Edelweiss ARCL to GBJ Hotels on the sum of Rs.27 crore which has been returned to the latter by the former and to also pass consequential directions with regard to declaration of GRT Hotels as the successful bidder. 14. Learned counsel appearing for Edelweiss ARCL has left the rate of interest to be awarded to our discretion. We direct that the sum of Rs.27 crore which has been returned to GBJ Hotel ..... X X X X Extracts X X X X X X X X Extracts X X X X
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