J.M. Panchal, J. - (1.) Leave is granted in each Special Leave Petition.
(2.) The appeal arising from Special Leave Petition (C) No. 10334 of 2008 is directed against order dated April 07, 2008 passed by the High Court of Bombay at Goa in Misc. Civil Application No. 165 of 2008 which was filed in Writ Petition No. 601 of 2006 by which it is clarified that the order of status quo passed by the High Court vide order dated December 18, 2006 shall not come in the way of EDC Ltd., i.e., the Respondent No. 1 Company herein and the State Bank of India, i.e., the Respondent No. 2 herein in considering the proposal of the Respondent No. 3 Company who is mortgagor and the Petitioner in Writ Petition No. 601 of 2006. The appeal arising from SLP (C) No. 10335 of 2008 is directed against order dated April 9, 2008 passed by the Division Bench of the High Court of Bombay at Goa in Writ Petition No. 601 of 2006 by which the resolution passed by the Respondent No. 1 EDC Ltd. on April 8, 2008 had resolved to accept the proposal of Respondent No. 3 the Falcon Retreat Pvt. Ltd. for redemption of mortgage and affidavit tendered by the State Bank of India, i.e., the Respondent No. 2, stating that the State Bank of India has accepted the proposal of M/s. Falcon Retreat Pvt. Ltd. for redemption of mortgage on payment of Rs. 12.87 crores to EDC Ltd. and Rs. 9.18 Crores to the State Bank of India, are noticed and in view of the said resolution as well as the affidavit of the State Bank of India, the Respondent No. 3, who was the original Petitioner, is granted leave to withdraw the petition.
(3.) This Court proposes to refer to certain relevant facts, which are as under: The Respondent No. 1, i.e., EDC Ltd. is a Company registered under the Indian Companies Act, 1956. Earlier it was known as the Economic Development Corporation of Goa. It is an investment company in which the State of Goa holds majority shares. The main objects of the Respondent No. 1 Company, as per its Memorandum of Association, amongst others, are providing financial assistance to the industrial enterprises and enterprises carrying on other economic activities whether for starting, running, expanding, modernizing etc. and to aid, assist, initiate, promote, expedite and accelerate the economic development of the State in various spheres. The Respondent No. 3 is a Private Limited Company. It is also incorporated under the provisions of the Companies Act, 1956. The Respondent No. 3 company is engaged inter alia in the business of development/operation of hotel and tourism. During the years 1994 to 1999, the Respondent No. 3 proposed to develop and to start hotel project in the property admeasuring approximately 28000 sq. mtrs. of Survey Nos. 142/1 and 142/1 of Revenue Village Arpora, in Taluka Bardez. For the purpose of implementing the said hotel project, the Respondent No. 1 company i.e. EDC Ltd. granted term loan of Rs. 7.00 crores to Respondent No. 3 against mortgage of aforesaid hotel property vide agreement dated February 8, 1999. Respondent No. 2 has also granted a loan of Rs. 5 crores to the Respondent No. 3 against pari pasu charge of the hotel property. ;