M/S. CROSS COUNTRY HOTELS LTD. vs TOURISM FINANCE CORPN.OF INDIA LTD.&ORS.

The Supreme Court set aside the ex-parte order of the Rajasthan High Court regarding the possession of property under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The Court held that the High Court must provide both parties an opportunity to be heard before making a decision. The appeal was disposed of with a direction for the High Court to rehear the matter expeditiously, preferably within three weeks.