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JM Financial takes Hotel Leela to NCLT

The application field before the Mumbai bench is under section 7 of the Insolvency and Bankruptcy Code 2016.

February 26, 2019 / 06:08 PM IST
 
 
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Luxury hospitality chain Hotel Leelaventure  on Feruary 26 said that its debt owner JM Financial Asset Reconstruction Company (JMFARC) has filed an application with the National Company Law Tribunal (NCLT) against it.

The application field before the Mumbai bench is under section 7 of the Insolvency and Bankruptcy Code 2016, said a statement sent to the stock exchanges.

“The company has been evaluating various options for a viable restructuring including sale of non core asset, sale of hotel, equity infusion and debt refinancing by investors. The company expects the restructuring to include certain waiver in interest and repayment terms (sic)”, said the company in its last announcement on its debt situation in August, 2018.

“We further wish to inform that the company is continuing to engage with prospective investors for a resolution”, said the company.