Hemant Kanoria-promoted Sarga Hotels, which operates a five-star hotel under the Westin brand in Kolkata, will be acquired by Shri Ram Multicom under the Insolvency and Bankruptcy Code (IBC) process.
The Kolkata bench of the National Company Law Tribunal approved a Rs 301 crore resolution plan against Rs 816 crore admitted claims from creditors, employees, and trade creditors. Shri Ram Multicom has developed Fairfield Hotel, a budget category hotel and operates malls and hotels in Dhanbad, Jharkhand.
Creditors JC Flowers Asset Reconstruction Company and Rare ARC have voted in favour of Shri Ram Multicom’s plan. This will equate to a recovery of 39% for both creditors.
Sarga Hotels is a wholly-owned subsidiary of Shristi Infrastructure Development Corporation – which is owned by the Kanoria family, the erstwhile promoters of Srei Infrastructure Finance and Srei Equipment Finance.
Source: Economic Times