Hotel Leelaventures Ltd is a chain of high-end hotels hailed as one of India’s finest luxury hotel groups. JM Finance had preferred Insolvency Proceedings against Hotel Leelaventures before NCLT, Mumbai. Dhir & Dhir Associates were successful in representing Hotel Leelaventures before NCLT, Mumbai and ensured that prior to admission of Insolvency Proceedings, the Company restructures its liability with JM Finance resulting in ultimate withdrawal of the proceedings under the Insolvency Code by JM Finance.

Hotel Leelaventures for the purposes of restructuring its debts had proposed sale of part of its assets, which was also objected by one of its minority shareholders before NCLT, Mumbai. The said petition of the Company was appropriately dealt with by the firm to ensure that sale of assets as a part of restructuring scheme is not interjected on account of the litigation initiated by the minority shareholders. Although the final order in the said proceedings of the minority shareholding is pending, however, in the interregnum, Hotel Leelaventures has given effect to its restructuring scheme which was being strategized and handled by our firm.

The transaction was led by Alok Dhir, Managing Partner along with Sachin Gupta, Senior Partner and Ashish Pyasi, Associate Partner.