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Under the resolution plan, Macrotech Developers will pay Rs 900 crore in tranches over a period of 270 days. The first tranche of Rs 90 crore has already been remitted.
Lodha Group-owned Macrotech Developers is paying around Rs 890 crore to acquire the hotel property in Juhu, an affluent suburb in western Mumbai. The bankrupt hotel company had admitted liabilities of over Rs 2,500 crore. Financial lenders of V Hotels had in June 2023 approved Macrotechs resolution plan with all voting in its favour.
Around 130 workers were made redundant just days before Christmas with no confirmation by bosses whether they will be paid.
The Committee of Creditors (CoC) of bankrupt V Hotels has declared the real estate developer as the successful resolution applicant in relation to the Corporate Insolvency Resolution Process (CIRP) of the hospitality company.
Lodha Groups listed entity Macrotech Developers has emerged as the successful bidder for Mumbai-based V...