NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) on Tuesday set aside insolvency proceedings against Asian Hotels (West), which operates Hyatt Regency, Mumbai.
The appellate insolvency tribunal has also accepted the proposal submitted by former promoters and directors of the company under Section 12A of the Insolvency & Bankruptcy Code.
NCLAT said the decision of lenders of Asian Hotels (West) was “arbitrary in not approving 12A Proposal”, which offered to pay the entire debt of financial creditors as well as all other creditors.
“The Proposal under 12A submitted by the Appellant (former promoters) dated August 11, 2023 as revised on October 4, 2023 is accepted. The CIRP (Corporate Insolvency Resolution Process) is closed,”…
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