The National Company Law Tribunal (NCLT) on Thursday granted Hotel Leelaventure eight weeks to conclude the proposed sale of the company’s properties to Brookfield Asset Management, on the basis of a Sebi order.
The tribunal’s directions were based on a prayer for a brief adjournment by Ashish Pyasi of Dhir & Dhir Associates appearing for Hotel Leelaventure. It was agreed to by counsel of JM Financial ARC. Proceeds from successful completion of the Brookfield deal will allow Hotel Leela to settle its debt with lenders.
The hearing has been adjourned till September 27.
Earlier this week, Sebi allowed Hotel Leelaventure to go ahead with the proposed asset sale transaction with Brookfield on the condition that it provides information via “additional disclosures in the postal ballot notice”. —FE