The Hyderabad bench of the National Company Law Tribunal (NCLT) has approved Dharampal Satyapal Group’s resolution plan for Viceroy Bangalore Hotels.
The hospitality company owns the Marriott-managed five-star Renaissance Bengaluru Race Course Hotel, and has around 1,100 crore of unpaid debt. The New Delhi-based acquirer has proposed 300 crore to buy the company in a court-monitored insolvency resolution process.
“The resolution plan along with annexures and schedules forming part of the plan shall be binding on the CD (corporate debtor), its employees, members, creditors,” observed the bench led by Justice Rajani Relaprolu and Charan Singh in its order of May 22.
Before the tribunal’s approval, the lenders including Edelweiss ARC and Vis…
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