Key Points
The family office of Gland Pharma's former promoter has acquired GBJ Hotels, which operates the five-star property Hotel Radisson Blu in Coimbatore, said people with knowledge of the transaction...
KP Advisory Services, the family office of the promoter Ravi Penmetsa, acquired the five-star property last week in Coimbatore under the corporate insolvency process, the people cited above said.. Lenders unanimously voted for KP Advisory Services' Rs 185-crore plan..
The resolution professional (RP) had admitted Rs 196 crore in claims, including trade creditors and banks..
The offer from the family office of Gland Pharmas ex-promoters equates to a recovery of 94% for creditors...
The promoter of GBJ Hotels had challenged the sale of the hotel under corporate insolvency process at the appellate tribunal claiming that there is no financial insolvency and that it was a mere delay in payments..
