metro india news  I hyderabad

The National Company Law Tribunal’s (NCLT) Hyderabad bench has approved the resolution plan of Lulu International Shopping Malls to take control over the management of the ailing Manjeera Retail Holdings, which manages Manjeera Mall located in Hyderabad’s Kukatpally area.

While 49 suiters in all competed to acquire the management of the bankrupt Manjeera Retail Holdings, promoted by the industrialist-turned-politician G. Yoganand, seven prospective resolution applicants were shortlisted by the committee of creditors (CoC).

The CoC comprising the financial creditors Catalyst Trusteeship Ltd and Fedbank Financial Services Ltd have claimed outstanding dues of Rs 317.30 crore from the Manjeera management, while the resolution plan of Lulu International with Rs 318.42 crore was finally approved by the CoC.

It is interesting to note that Lulu International Shopping Malls, which is into the business of construction and running of shopping malls across the globe, had entered the Hyderabad market a few years back and has set up its mall in Manjeera Mall on a lease basis. In July 2023, the NCLT Hyderabad bench had admitted a company petition filed by Manjeera Retail Holdings’ financial creditor Catalyst Trusteeship that claimed default of its loans by Manjeera.

The Tribunal had, while admitting the Catalyst Trusteeship’s application, ordered a corporate insolvency resolution process (CIRP) against Manjeera Retail Holdings. Following this, the CoC had appointed Birendra Kumar Agarwal as the resolution professional to take the CIRP ahead.

The resolution professional Agarwal had invited expressions of interest (EoIs) from the prospective resolution applicants (PRAs) and submitted to the NCLT bench the decision of the CoC in accepting the resolution plan of Lulu International to acquire the management of Manjeera Retail Holdings. Following the approval of the Tribunal, Lulu International, as the successful resolution applicant (SRA), has completed the process of submitting the performance securities to take control of management of Manjeera Retail Holdings.