Hotel Leeleventure said on Tuesday JM Financial Asset Reconstruction Company Ltd (JMFARC) has filed an insolvency petition with the Mumbai Bench of the National Company Law Tribunal (NCLT) against the company. The application has been filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, Hotel Leelaventure said in a filing to the BSE.
In talks with investors
“The company is continuing to engage with prospective investors for a resolution,” it added.
On June 30, 2014, the erstwhile corporate debt restructuring lenders with exposure of 95.6 per cent of the CDR debt had assigned their debt to JMFARC and one lender, with exposure of about 1 per cent of the CDR debt, to Phoenix ARC Pvt Ltd. Shares of Hotel Leeleventure closed at ₹10.41 on the BSE, down 6.55 per cent from the previous close.