M/S MICRO HOTEL P.LTD. vs M/S HOTEL TORRENTO LIMITED .

The Supreme Court held that the Orissa High Court erred in directing the Orissa State Financial Corporation (OSFC) and Industrial Promotion and Investment Corporation of Odisha Ltd. (IPICOL) to offer a fresh One-Time Settlement Scheme (OTS) to M/s Hotel Torrento Limited, as the previous offer was not availed due to non-compliance with stipulated terms. The Court ruled that the High Court's order for dispossession of the auction purchaser was unjustified, emphasizing the need for adherence to contractual obligations and the legal principles governing loan agreements. Consequently, the appeals were allowed, and the High Court's orders were set aside.