In compliance with order dated 19th March, 2018 of Hon'ble Supreme Court of India, Blue Coast Hotels Ltd has handed over the possession of movable and immovable properties (except stock of raw materials, semi-finished goods, consumable stores, current stocks and book debts hypothecated to working capital bankers) of hotel 'Park Hyatt Goa, Resorts & Spa' to ITC Limited on 19th September, 2018. However, aforesaid hand over of the hotel property is without prejudice to its rights and contentions raised in Writ Petition filed by the company in Hon'ble Bombay High Court at Goa, seeking enforcement of its right of redemption under Section 60 of the Transfer of Property Act, 1882.
The aforesaid hotel property was auctioned by IFCI, the mortgagor, for a consideration of Rs. 515.44 Crores to ITC Limited, the auction purchaser (Buyer). The buyer has no relation with the any promoter or promoter group of the companies. The aforesaid transaction is not a related party transaction.
The property generated operating revenues of Rs. 134.89 Crores during previous year ending March 31, 2018 which represents 100% of the operating revenues to the company.