In Brief
This case involved a property auction conducted under the SARFAESI Act, 2002, where Edelweiss Asset Reconstruction Company Limited accepted GBJ Hotels' bid of Rs. 108 crore. However, a higher bid of Rs. 153 crore from GRT Hotels was later presented to the High Court, prompting it to invite both parties to improve their offers. The Supreme Court accepted GRT Hotels' bid as the final offer, declared it the successful bidder, and awarded 18% per annum interest on the Rs. 27 crore returned to GBJ Hotels. The sale was confirmed while leaving other disputed claims open for agitation before appropriate forums.
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