The Committee of Creditors of Viceroy Hotels Limited has approved a resolution plan submitted by CFM Asset Reconstruction Company Limited.

The approval follows e-voting on the resolutions at the 18th (Special) meeting of the Committee of Creditors (CoC) of the company on December 13 and 14.

The resolution plan will now be placed before the National Company Law Tribunal, Hyderabad for its approval.

The Asset Reconstruction Company (India) Ltd (ARCIL) had filed a plea under the provisions of the IBC against Viceroy Hotels for non-payment of dues, and the NCLT-Hyderabad accepted it for further proceedings.

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