Banks to keep possession: HC

Tribune News Service

Chandigarh, August 26

The Punjab and Haryana High Court today made it clear that the possession of Hotel Park Plaza will remain with the secured creditors or the banks. A Division Bench of the High Court also made it clear that the banks will take a decision on whether they want to run the hotel.

The counsel for the hotel, senior advocate Anand Chhibbar, submitted that the banks should not take the physical possession of the hotel as it would cause inconvenience to guests who had booked rooms. At best, the banks should take over the management and not shut down the hotel to get the best price for recovering their dues, Chhibbar said. 

The Bench, at the same time, added that the secured creditors would not cause inconvenience to the guests already staying in the hotel till August 31. Before parting with the case, the Bench asserted that the arrangement would continue till August 31.

“The date has been fixed with the consent of the counsel appearing for the parties. Besides, the matter before the Debt Recovery Tribunal-I, Chandigarh, is listed for hearing on August 29 for consideration. We request the tribunal to consider the matter on the said date,” the Bench of Justice SS Saron  and Justice Lisa Gill concluded.