Supreme Court of India
Sterling Holiday Resorts Limited v. M/s P.m.associates
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
For the foregoing reasons, the impugned judgment dated 23.08.2013 is quashed and set aside.
Judgment, page 30
In brief
The Borrower, which had mortgaged its Ooty resort 'The Fernhill' to IFCI and TFCI to secure loans taken in 1991, defaulted, and IFCI proceeded under the SARFAESI Act, issuing an auction notice dated 25.03.2010 fixing a reserve price of Rs. 20 crores. On 07.04.2010 the DRAT restrained the Authorised Officer from proceeding further under the Act, subject to a Rs. 1 crore deposit which the Borrower made on 08.04.2010; despite this, IFCI received the bid and earnest money of Ms. Rukmani Khemchand, though it did not open the bids.…
Authorities it was built on
- 2006 M/s Transcore v. Union of India and Anr.
- 2008 Valji Khimji and Company v. Official Liquidator of Hindustan Nitro Product (gujarat) Ltd. and Ors
- 2014 J. Rajiv Subramaniyan & Anr. v. M/s. Pandiyas & Ors.
- 1975 Ramchandra Keshav Adke & Ors v. Govind Joti Chavare and Ors.
- 2017 Allokam Peddabbayya and Another v. Allahabad Bank and Others
- 2024 Idbi Bank Ltd. v. Ramswaroop Daliya and Ors.
- 2014 Mathew Varghese v. M.amritha Kumar.
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