hyatt regency: Bank of Maharashtra fails to attract buyers for loans to Asian Hotels (North)
Bank of Maharashtra did not receive any firm bids for its loans to Asian Hotels (North) at an auction. The reserve price was set at Rs 330 crore, but no asset reconstruction companies submitted firm bids. Asian Hotels (North) had faced financial difficulties due to the impact of Covid-19 and had entered into a one-time restructuring. Lenders agreed to a restructuring proposal involving a moratorium on payments, and the company challenged the declaration of its account as a non-performing loan in court.
Source: indiatimes.com