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 ~6.1 acres (24,706 Sq mtr)
The existing development is ~367 keys with restaurants, large banquets and a small retail component. However, the hotel is currently non-operational
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 Hon'ble National Company Law Tribunal, Mumbai bench (“NCLT”).
Subsequently, the NCLT order was challenged before the Hon’ble 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 Hon’ble Supreme Court, and the Hon’ble 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 per 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
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