CROSS COUNTRY HOTELS LTD Vs. UNION OF INDIA

JUDGEMENT

(1.) Instant petition has been filed assailing communications dt. 14th & 19th August, 2008 (Ann.4 & 5) whereby respondent No. 3 (Tourism Finance Corporation Ltd. ("TFC") authorised its Officer Under Section 13(12) of Securitisation & Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 ("Act, 2002") for taking over possession of secured assets referred to in Ann.II to the demand notice dt. 08/01/2003 served on petitioner-Company either by himself or through agencies as deemed necessary Under Section 13(4) of Act, 2002. However, respondents took possession of properties through their authorised officer on 22/08/2008.

(2.) While issuing notices on 24/10/08, Coordinate Bench of this Court passed ex parte order ad infra:

(3.) Against interim order (supra), respondents straight away preferred Special Leave to Appeal (Civil)-26738/2008 before Apex Court. It appears that initially on 25/11/2008, the Apex Court directed both the parties to maintain status quo, which was made absolute while disposing of Civil Appeal No. 51/09 (arising out of SLP(C)-26738/08) alongwith Civil Appeal No. 49/09 (arising out of SLP(C)-5541/2006) filed by petitioner Company vide common order dt. 05/01/09 (Ann.1) and further requested this Court to hear out the parties and pass appropriate order as expeditiously as possible, preferably within a period of three weeks from the date of communication of this order.