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Asian Hotels (West), which operates 5-star deluxe hotel Hyatt Regency in Mumbai, has received resolution plans from six prospective resolution applicants, sources said.
The hotel, located near the Mumbai international airport, has been undergoing bankruptcy proceedings since September last year. The last date for submitting resolution plans was Monday and sources said that of the seven applicants which had shown interest, six have submitted resolution plans.
The applicants, which have submitted resolution plans, include K Raheja Realty, Devvrat Developers, Panchshil Realty and Developers, GVPR Engineers and two consortiums where an overseas entity is involved. Since the bids are yet to be opened, the bid amounts could not be ascertained. The resolution plans are likely to be opened next week in the presence of the creditors and the competing bids evaluated.
Timeline extended
The timeline for the resolution of the bankruptcy case has been extended a few times, with the Delhi bench of the National Company Law Tribunal approving the extension to August 12 from the previous June 13 deadline. Sources said the deadlines were shifted as the resolution applicants wanted more time to assess the value of assets and the claims before submitting their bids and the committee of creditors had agreed to it.
The total claims are worth just over ₹350 crore, of which around ₹292 crore are from financial creditors. The bulk of the lenders’ claims lie with UV Asset Reconstruction Company, assigned by lender YES Bank.
PTC India Financial Services has claims worth ₹3.4 crore secured against land, and other fixed, movable assets. Government agencies such as customs and income tax departments have claims of over ₹20 crore, while vendors are claiming dues of over ₹15 crore.
The company had estimated it would require at least ₹200 crore to restart hotel operations and any successful applicant would have to advance an initial loan of that amount to the company.
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