Mumbai: The National Company Law Tribunal (NCLT) has approved Rajesh Business & Leisure Hotels’ resolution plan to acquire a consortium of Rare Asset Reconstruction Company (Rare ARC) and Check-Inn Hotels, a subsidiary of realty developer Shree Naman Group.
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The company has admitted liabilities of over ₹1,345 crore, whereas the consortium proposed a revival plan of ₹730 crore. Before the tribunal’s approval, the plan received unanimous backing from the committee of creditors .
In April 2022, the company was admitted under Corporate Insolvency Resolution Process following a petition by ICICI Bank over default of ₹311 crore.
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