India-based multi-business corporation Dharampal Satyapal Group has won the bid for Viceroy Bangalore Hotels, which has been insolvent since last year, The Economic Times reported.
Viceroy Bangalore Hotels own the five-star Renaissance Bengaluru Race Course Hotel managed by the Marriott. The property has approximately Rs1,100 crore ($133m) of debt.
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According to The Economic Times, the Dharampal Satyapal Group won the auction with a bid of Rs300 crore ($36.49m).
The lead creditors to the company include Vistra ITCL and Edelweiss Asset Reconstruction.
Varrenyam Consultants and Khaitan and Co were the financial and legal advisers to Dharampal Satyapal Group on this deal, the report explained.
The Economic Times quoted Viceroy Bangalore Hotels resolution professional Kuresh Hatim Khambati as claiming that the process has generated “encouraging interest”.
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By GlobalDataViceroy Bangalore Hotels received approximately eight resolution plans from organisations including Salarpuria Sattva, Rhythm Hotel and Kailash Darshan Housing Development.
Last August, the Hyderabad bench of the National Company Law Tribunal ordered the corporation to begin corporate bankruptcy resolution proceedings.
