Date : 2023-10-08 19:10:50

Property : v hotels limited the company or the corporate debtor is in the business of owning hotels on may 31 2002 v hotels limited tulip star had acquired centaur hotel juhu beach from hotel corporation of india limited under the divestment program of central government of india v hotels is situated at juhu tara road vile parle west on land parcel bearing cts no 859 spread ~ 61 acres 24706 size mtr the existing development is ~ 367 keys with restaurants large banquets and a small retail component however the hotel is currently nonoperational project could also be redeveloped to any other asset class residential/ commercial or retail under the new mumbai master plan 2034 dcr rules crz notification feb 2019 the mumbai crz map 2019 and amendments thereto the company also owns 11 residential apartments in the western suburbs of mumbai ‍ currently v hotels limited is undergoing corporate insolvency resolution process cirp vide order dated may 31 2019 under section 7 of the insolvency and bankruptcy code 2016 code the corporate insolvency resolution process cirp in respect of the company was commenced under the provisions of the insolvency and bankruptcy code 2016 ibc by order dated may 31 2019 cirp order passed by the honble national company law tribunal mumbai bench nclt subsequently the nclt order was challenged before the honble national company law appellate tribunal nclat which set aside the nclt order and restored the corporate debtor to its board of directors vide order december 11 2019 nclat order this nclat order was further appealed before the honble supreme court and the honble supreme court set aside the nclat order vide its order dated august 1 2022 sc order consequently the cirp order passed by the nclt was restored and is in effect therefore as price the cirp order and sc order mr anish nanavaty was appointed as the interim resolution professional for the corporate debtor vide the cirp order subsequently the committee of creditors coc of the corporate debtor in its meeting held on july 3 2019 confirmed mr anish nanavaty as the resolution professional rp for the corporate debtor price 3600 cr market value 6000 cr bank under property closehotel ‍v

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