The Tribunal had in March 2018 admitted the petition filed by the financial creditor - the Asset Reconstruction Company, and ordered the commencement of the CIRP proceedings.
The acquisition expands the group's hospitality footprint into Southern India, Dharampal Satyapal Group (DS Group) said in a statement.
The tribunal found that the bank guarantee furnished by Anirudh Agro Farms had not only expired, but also did not cover the implementation plan.