Curation Team
HYDERABAD: Lulu International Shopping Malls, a global shopping malls constructor and operator, has acquired the bankrupt Manjeera Retail Holdings, which owns and manages Manjeera Mall in Hyderabad’s Kukatpally.
Currently, Lulu International is running its Hyderabad operations through Manjeera Mall on a lease basis. The NCLT order enables the tenant, Lulu, to become the owner of Manjeera Mall.
The NCLT’s Hyderabad bench in July 2023 admitted a company petition filed by Manjeera Retail Holdings’ financial creditor Catalyst Trusteeship that claimed the default of its loans by Manjeera management.
While admitting the company petition of the financial creditor, the Tribunal bench, comprising judicial member Rajiv Bharadwaj and Technical member Sanjay Puri, ordered a corporate insolvency resolution process (CIRP) against Manjeera Retail Holdings. Subsequently, the committee of creditors (CoC) appointed Birendra Kumar Agarwal as the resolution professional to take the CIRP ahead.
In all, 49 suiters competed to take control of Manjeera Retail Holdings, seven prospective resolution applicants were shortlisted by the CoC. While the CoC comprising the financial creditors Catalyst Trusteeship Ltd and Fedbank Financial Services Ltd claimed outstanding dues of Rs 317crore from the Manjeera management, the resolution plan of Lulu International with Rs 318 crore was finally approved by the CoC and later ratified by the Tribunal.
