NCLT approves Rs 318 cr Lulu International resolution plan for Manjeera Retail

The National Company Law Tribunal (NCLT), Hyderabad Bench, has approved a resolution plan for Manjeera Retail Holdings Private Limited (MRHPL). The plan, submitted by Lulu International Shopping Malls Private Limited (LISMPL), received unanimous support from the Committee of Creditors (COC).
The resolution plan entails a total amount of ₹318.42 crores, allocated to secured financial creditors, operational creditors, and other debts. Part of the funds will address the claim of the Telangana Housing Board (THB) for ownership transfer.

As per the resolution plan, secured financial creditors receive 100% of their admitted claims of Rs 270 crore, while other creditors, including operational creditors, receives Rs 48 crore.

The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Catalyst Trusteeship Limited. The COC, consisting of Catalyst Trusteeship Limited and Fedbank Financial Services Limited, played a key role in the approval. A Monitoring Committee (MC) will be established to oversee the resolution plan’s implementation, ensuring compliance with the Insolvency and Bankruptcy Code (IBC) and CIRP Regulations.

Manjeera is a construction, real estate, hospitality, and infrastructure conglomerate with a strong lineage focusing on quality, innovation, cost-effectiveness, eco-consciousness, customer delight, and value to stakeholders’ interests.

About Lulu International Shopping Malls Private Limited:
* Incorporated on September 6, 2004, Lulu Mall is involved in the development, construction, and operation of shopping malls, hypermarkets, amusement centers, hotels, and similar ventures.
* Lulu Mall opened its first mall in Kochi, Kerala, in 2013. Within ten years, it has recorded nearly 1.8 million monthly footfalls and over 170 million total footfalls.
* Currently, it has 220 operational outlets with a 99% occupancy rate and branches in major cities.
* Lulu Mall also owns a five-star deluxe hotel in Edappally, Kochi, operated by Marriott Hotels India Private Limited under the brand “Kochi Marriott Hotel.”
* It operates “Lulu Webstore,” an e-commerce business, and a mobile application called “Lulu Online” in various Indian locations.
* The company’s revenue from operations for the Financial Year 2023 is Rs 2,965.98 crores.

Also See: NCLT admits insolvency petition against Three C Infratech