Anirudh Agro prepays all dues to creditors of Viceroy Hotels
Anirudh Agro Farms Limited (AAFL), the successful resolution applicant of Viceroy Hotels, has prepaid all the dues of creditors ahead of time. In an exchange filing, Viceroy Hotels has said that the successful resolution applicant had intimated to the Monitoring Committee that it plans to prepay and settle the payments under the deferred tranches to various creditors much ahead of the schedule proposed in the Resolution Plan.
“Upon receiving formal consent, the Company had made payments and settled the dues of all creditors under the deferred tranches as per the approved resolution plan,” the company said in the exchange filing.
Earlier, Anirudh Agro Farms Limited had infused a sum of Rs 60 crores into Viceroy Hotels on 10 October 2023, and the company made the Upfront Payment due to various creditors by utilizing the said amounts in accordance with the Resolution Plan.
As part of the Resolution Plan, it was proposed that the successful resolution applicant would infuse funds (Upfront amount) for an amount equivalent to Rs 60 crores in one or more tranches in a manner and in such time and intervals, as determined necessary by AAFPL, into the Company by way of equity or otherwise thereof hereby termed as Initial Fund Infusion which shall be utilized towards discharge/settlement of the Admitted Operational Creditors Debt; Workmen/ Employee dues, Upfront FC Debt Payment, unpaid CIRP cost and Working capital purposes.
The resolution plan has a provision paying off Rs 151.5 crore of the debt against total admitted claims of Rs 768 crore. Of the Rs 151.5 crore provided in the resolution plan, Rs 51.5 crore will be paid upfront by Agro Farms Private Limited.
As per the resolution plan, financial creditors would receive Rs 150 crore against their admitted claims of Rs 774 crore, while vendors and related parties would receive only Rs 50 lakh against their admitted claims of Rs 22 crore. Workmen and employees together get Rs 61 lakh as per the resolution plan.
Earlier in October 2023, the Chennai bench of National Company Appellate Law Tribunal (NCLAT) has approved Agro Farms Private Limited’s resolution plan for Hyderabad-based Viceroy Hotels. Hearing an appeal from filed by Anirudh Agro Farms Private Limited, the NCLAT reversed the 9th June 2023 NCLT order, which had rejected the resolution plan on the ground that bank guarantee furnished by the successful resolution applicant (Agro Farms Private Limited) did not cover the resolution plan implementation schedule. The NCLT had ordered the resolution professional to invite fresh expression of interest (EoI) and complete the resolution process within 60 days.
Also See: NCLAT reverses NCLT order; approves resolution plan of Viceroy Hotels
