JM Financial files insolvency case against Hotel Leela Venture

Hotel Leela Venture said Tuesday JM Financial Asset Reconstruction Company Ltd (JMFARC) has filed an insolvency petition with the Mumbai bench of National Company Law Tribunal (NCLT) against the company.

The application has been filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, Hotel Leela Venture said in a filing to BSE.

Also Read: Indian strikes Pakistan LIVE updates: Heavy firing along LoC; Punjab, Rajasthan, Mumbai on high alert

"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 JM Financial Asset Reconstruction Company Ltd and one lender with exposure of about 1 per cent of the CDR Debt to Phoenix ARC Private Ltd.

Shares of Hotel Leela Venture closed at Rs 10.41 on BSE, down 6.55 per cent from the previous close.

Also Read: Delhi Budget 2019-20: AAP govt allocates Rs 500 crore for Metro Phase IV