Supreme Court to Hear Plea on Hyatt Regency's Valuation Controversy

The Supreme Court has consented to hear a plea concerning the alleged undervaluation of Delhi's Hyatt Regency Hotel in one-time settlement (OTS) agreements. These settlements occurred between Asian Hotels (North) Pvt Ltd and two public sector banks, namely the Bank of Maharashtra and Punjab National Bank. A bench led by Chief Justice Surya Kant has called for responses from these parties, including the Centre.

This development follows a dismissed plea by NGO Infrastructure Watchdog at the Delhi High Court, which sought a probe into the OTS deals involving Asian Hotels and the two banks. The NGO claims the settlements in question could constitute a bank fraud, while legal representatives of the banks argue the transactions were genuine and beneficial.

The Supreme Court bench has expressed the need for transparency, requesting relevant records related to the OTS deals and questioning the timing of an auction attempt for the hotel, which reportedly was not bid upon. The court underscores the importance of ensuring transactions involving public funds uphold public interest.