NCLT approves Rs 900-cr bid by Macrotech Developers for V Hotels Ltd
Macrotech Developers Limited (MDL) has emerged as the successful bidder for Mumbai-based V Hotels Ltd. The Mumbai Bench of the NCLT has approved the Rs 900 crore of Macrotech Developers’ resolution plan. V Hotels Ltd owed Rs 2,500 crore to creditors.
As per the resolution plan, secured financial creditors receives Rs 880 crore against their total admitted claims of Rs 2,076 crore. Unsecured creditors would receive only Rs 31.20 lakh against their total admitted claims of Rs 258 crore. Operational Creditors gets Rs 75 lakh against their admitted claims of Rs 63 crore. Apart from these, the resolution plan also provides for Rs 4 crore as IRP cost, Rs 5 crore as litigation fund.
Valuers had estimated a liquidation value of Rs 758 crore and a fair value of Rs 1,074 crore. The resolution plan submitted by Macrotech Developers Limited was approved by the members of the CoC unanimously by 100% vote share.
The resolution plan prescribes the ‘closing date’ which will be within 60 days from the date NCLT approves the resolution plan.
V Hotels Ltd is in the business of owning hotels. It had acquired Centaur Hotel Juhu Beach on 31 May 2002 from Hotel Corporation of India Limited under the Disinvestment Programme of Central Government of India. The company was incorporated on 05 September and is classified as a non-govt. public limited Company and is registered with the Registrar of Companies, Mumbai. The company was promoted by Ajit Kerkar, who also owns Tulip Star Hotels.
V Hotels was admitted for corporate insolvency resolution process on an application filed by Asset Reconstruction Company (India) Ltd in May 2019 for defaulting on a Rs 150-crore payment.
Macrotech Developers Limited or Lodha is engaged in the business of Real Estate development since 1980s. Its core business is residential real estate development. It has also diversified into Industrial and logistics park business since 2019 and has attained success in tying up with number of strategic and financial partners. MDL has given over 90 completed projects spread over 80 million square feet of developable area and is currently engaged in developing more than 50 ongoing and planned projects.
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