Macrotech Developers Get NCLT Nod For Acquisition Of Centaur Hotel's Owner V Hotels

The Lodha Group-owned Macrotech Developers Ltd. has received the National Company Law Tribunal’s nod to go ahead with the acquisition of V Hotels Ltd., owner of the renowned Centaur Hotel.

According to the resolution plan, Macrotech will be acquiring V Hotels for nearly Rs 890 crore. Macrotech has proposed to implement the resolution plan within a period of 60 days or any other extended date that may be agreed in writing with the secured financial creditors.

Macrotech’s resolution plan states that a payment of Rs 78 crore will be made upfront and the remaining Rs 810 crore will be paid in two separate tranches of Rs 405 crore. The first tranche will be paid within 210 days of the closing date and the second tranche will be paid within 270 days of the closing date.

The committee of creditors of V Hotels approved Macrotech’s resolution plan, with 100% votes polled in its favour. Other resolution plans which now stand rejected were submitted by Oberoi Realty Ltd., GHV (India) Pvt. and K Raheja Corp Real Estate Pvt.

Centaur Hotel, an affluent hotel in Juhu in Western Mumbai, was acquired by V Hotels in 2002 from the Hotel Corp. of India Ltd. under the disinvestment programme of the central government.

In 2019, the NCLT had initiated a corporate insolvency resolution process against V Hotels. However, the admission order was set aside by an order of the National Company Law Appellate Tribunal in the same year, thereby releasing V Hotels from the rigours of the resolution process.

In 2022, the top court set aside the NCLAT’s order and paved the way for resumption of the insolvency resolution process.

Apart from Centaur Hotel, V Hotels also owned 11 residential apartments in the western suburbs of Mumbai.