Viceroy Hotels Stock Resumes Trading After Successful Insolvency Resolution Process
Anirudh Agro Farms is the successful resolution applicant of the CIRP.
Shares of Viceroy Hotels Ltd. resumed trading on the bourses at a premium of over 4% after emerging from a corporate insolvency resolution process.
The stock was trading 4.86% higher at Rs 3.67 per share on the BSE, compared with a 0.31% decline in the benchmark Sensex as of 10:01 a.m.
Anirudh Agro Farms Ltd. is the successful resolution applicant of the CIRP.
The CIRP concluded with the National Company Law Appellate Tribunal's Chennai bench passing an order on Oct. 6 2023, approving the resolution plan submitted by Anirudh Agro.
In an exchange filing on Jan. 6, Viceroy Hotels had disclosed that all payments proposed under the resolution plan had been duly made by Loko Hospitality Pvt.—a subsidiary of Anirudh Agro.
"The company is looking to expand its assets across the country with strategic acquisitions of distressed hotel assets. We are excited about the hotel landscape. Given the strong demand and increase in domestic travel, we expect the industry and our ARRs to grow significantly," K Ravinder Reddy, managing director of Viceroy Hotels, said.
Viceroy Hotels owns two hotels—Marriott and Courtyard by Marriott—on a 4.5-acre freehold land parcel on Tank Bund in the heart of Hyderabad near the new secretariat. Together, the hotels have 409 operational rooms, with infrastructure in place to increase inventory to 493 rooms, according to a press release.