M/S. GHCL LTD. vs M/S. ASSET RECONSTRUCTION CO.(I)LTD. — SLP(C) No. 4317/2005

GHCL Ltd. v. Asset Reconstruction Co. (I) Ltd. — SLP(C) 4317/2005 On 08/04/2005, the Supreme Court heard GHCL Ltd.'s special leave petition challenging the High Court of Bombay's order (dated 15/02/2005) in a writ petition. GHCL contended that the High Court erred by accepting respondents' claim that they exercised rights under Section 172 of the Contract Act rather than the Securitisation and Reconstruction of Financial Assets Act, 2002, and argued the respondents' rejection decision was arbitrary and deviated from their prescribed selection process. The Supreme Court observed that while GHCL's first argument was addressed by the High Court, the arbitrariness claim was not reflected in the High Court's order, though an affidavit confirmed it was argued before the learned judge. The Court disposed of the petition, suggesting GHCL may file an appropriate application before the High Court to address this overlooked argument, while expressing no opinion on the merits. This case analysis is maintained by casestatus.in based on publicly available court records.