HYDERABAD:The National Company Law Tribunal (NCLT) at Hyderabad has initiated corporate insolvency resolution process (CIRP) against city-based hospitality player Viceroy Hotels Limited and appointed KK Rao as interim resolution professional (IRP) for the purpose.
This was in response to a petition filed by asset reconstruction player Asset Reconstruction Company (India) Ltd (ARCIL) against the Prabhakar Reddypromoted Viceroy Hotels, which borrowed ?321 crore from lenders like Axis Bank, IDFC, Laxmi Vilas Bank, SBI and Canara Bank from 2007 to 2011.
These loans were later acquired by ARCIL, which negotiated with Viceroy Hotels for recovery of dues. On failing to recover the dues, ARCIL filed a plea under Section 7 of the Insolvency…
Read the full article at: https://timesofindia.indiatimes.com/city/hyderabad/viceroy-hotels-checks-into-insolvency-process-at-nclt/articleshow/63591965.cms
