NEW DELHI: The National Company Law Tribunal (NCLT) – Mumbai Bench has approved to the resolution plan of Macrotech Developers in relation to the corporate insolvency resolution process (CIRP) of V Hotels under the Insolvency and Bankruptcy Code 2016 (IBC).
Under the resolution plan, the company will pay Rs 900 crore in tranches over a period of 270 days. The first tranche of Rs 90 crore has already been remitted.
In June 2023, the resolution professional of V Hotels had declared the company as the successful resolution applicant.
Incorporated on September 5, 2000, V Hotels has real estate assets which can be developed for residential and allied uses, the company said in the regulatory filing.
