GBJ HOTELS PRIVATE LIMITED Vs. SRIHARAN SRIPATHMANATHAN

JUDGEMENT

(1.) GBJ Hotels Private Limited(GBJ Hotels) is the petitioner in this special leave petition, which impugns an order dtd. 6/3/2025 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, respondent no.3(Edelweiss ARCL). Respondents 1 and 2 committed default in repayment of their dues. As borrowers, the respondents 1 and 2 owed approximately Rs.135.00 crore to the Edelweiss ARCL as on date the impugned order was passed (recorded in paragraph no.4 thereof). In the writ petition, the respondents 1 and 2 had challenged an order of the relevant Debts Recovery Appellate Tribunal, whereby they were ordered to deposit 50% of the sum due, i.e., a little less than Rs.36.00 crore.

(3.) Pertinently, in pursuance of proceedings under the SARFAESI Act, 2002, an auction was conducted. Bid of GBJ Hotels for a sum of Rs.108.00 crore was accepted by Edelweiss ARCL.