NCLT grants more time to Hotel Leela, JM Financial

Mumbai: The National Company Law Tribunal (NCLT) has granted time till May 28 to luxury hospitality chain Hotel Leelaventure and JM Financial Asset Reconstruction Company to arrive at settlement ahead of its ongoing sale to Canadian fund Brookfield. On March 18, Brookfield Asset Management Company had agreed to acquire four hotels and a land parcel in Agra from Hotel Leelaventure for consideration Rs 3,950 crore. The deal is yet to go through.

A two-member NCLT bench of VP Singh and Ravikumar Duraisamy had on Tuesday directed Hotel Leelaventure and JM Financial ARC, which owns majority stake in the luxury hotel chain for some years now, to submit a settlement agreement by May 28, when the tribunal will hear the matter afresh. Though Hotel Leelaventure has sought three to four months time for the settlement, the tribunal has granted only time till May 28.

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