The Bombay high court had quashed the sale of Hyatt to ITC by lender IFCI, after ITC emerged as the highest bidder of the property in February 2015 with a Rs515-crore offer. Photo: ReutersNew Delhi: The Supreme Court on Monday upheld the sale of Park Hyatt Goa to ITC Ltd by Industrial Financial Corp. of India (IFCI), setting aside a Bombay high court order. The apex court also asked ITC to move an application for any additional directions such as maintenance of status quo with respect to moveable property in Park Hyatt. The judgment was pronounced by a bench comprising justices S.A. Bobde and L. Nageshwara Rao, in an appeal moved by Blue Coast Hotels, original owner of Park Hyatt Goa, against an order of the Bombay high court. The Bombay high court had quashed the sale of Hyatt to ITC by lender IFCI, after ITC emerged as the highest bidder of the property in February 2015 with a Rs515-crore offer.

Source: Mint March 19, 2018 06:22 UTC