NCLAT gives nod to Resolution Plan of Viceroy Hotels
Asset Reconstruction Company (India) Limited representing Committee of Creditors of Viceroy Limited has filed an appeal before the National Company Law Appellate Tribunal (NCLAT), Chennai against the order passed by the National Company Law Tribunal (NCLT), dismissing the application filed by Resolution Professional seeking approval of the resolution plan filed by Anirudh Agro Farms Limited. It is a classic case where approved resolution plan of Committee of Creditors was rejected twice.
The order of the NCLAT paved way for maximization of value for all the stakeholders of Viceroy Limited after nearly 4 years of admission of the Viceroy Hotels Limited into Corporate Insolvency Resolution Process and settled many complex issues that arose before the NCLT and the NCLAT.
Viceroy Hotels Limited owns 297 Rooms under the Brand of “Marriott” and 120 Room Hotel under the Brand of “Courtyard Marriott” in Hyderabad and is in the heart of Hyderabad.
Dentons Link Legal advised and represented Asset Reconstruction Company (India) Limited. The team was led by Ravi Charan Pentapati (Partner) and assisted by Niharika Agarwal (Associate). Asset Reconstruction Company (India) Limited team was led by Jigar Dalal and Jyoti Bhavsagar.