ITC LIMITED vs BLUE COAST HOTELS LTD. .

The Supreme Court held that the Bombay High Court erred in setting aside the auction sale of the hotel property purchased by ITC Ltd. The Court emphasized that the creditor's compliance with Section 13(2) and Section 13(3A) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 was adequate, and the agricultural land's status did not bar the auction. The Court reinstated the auction sale, affirming the creditor's right to enforce the mortgage despite the debtor's claims.