Informist, Wednesday, Jul. 2, 2025

--Lodha Developers: SC asks to deposit INR 5.2 bln security in V Hotels case

--Lodha Developers: No claim on V Hotels' assets, except INR 5.2 bln security

NEW DELHI – The Supreme Court on Wednesday asked Lodha Developers Ltd. to deposit INR 5.2 billion as security in four weeks for vacation of attachment of V Hotels Ltd.'s 12 properties in Maharashtra by the Enforcement Directorate. Informing the National Stock Exchange, Lodha Developers said that upon deposit of this amount, there would be no other claim on V Hotels' properties or other assets.

The apex court was hearing a petition by the Enforcement Directorate against Bombay High Court's 2024 order to set aside the attachment of properties of V Hotels. The probe agency had initiated investigation against the erstwhile promoter of V Hotels, that included Kerkar family, in relation to their transactions in Cox & Kings group to the tune of INR 5.20 billion, allegedly routed through V Hotels before the commencement of the latter's insolvency proceedings.

The high court had held that once a resolution plan was approved under the Insolvency and Bankruptcy Code Code, 2016 and a change in the company's management takes effect, the property of the corporate debtor would also get immunity from further prosecution or proceedings. In the current case, the National Company Law Tribunal had approved Lodha Developers' resolution plan for debt-ridden V Hotels in April 2024. Once the law is clear, the probe agency's attachment, either provisionally or otherwise, cannot continue even for a day longer after the approval of the resolution plan, the high court had said.

At 1426 IST, the shares of Lodha Developers, earlier known as Macrotech Developers, were down 0.3% at INR 1,387.40 on the National Stock Exchange. End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Surya Tripathi

Edited by Vandana Hingorani

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