NCLT: US PE firm Blackstone Group have got the NCLT approval for to acquire Trident Hotel Hyderabad, owned by Golden Jubilee Hotels and managed by Oberoi group East India Hotels(EIH) for 585Cr, Blackstone Group infuse Rs.384 Crore upfront to clear dues of creditors and workmen. Blackstone also infuse Rs.183 Crores towards capital expenditure.
The National Company Law Tribunal Hyderabad bench approved the revised resolution plan of Blackstone Group Submitted through its entity BREP Asia-II Indian Holdings Co II(NQ)Pte Ltd.Tribunal on Wednesday dismissed the petition of promoters Core Hotels.
Golden Jubilee Hotels- owned by Core Hotel of Lakshminarayan Sharma and EIH of Oberoi Group with 84% and 16% equity respectively.
The Tribunal have dismissed the petition of EIH and mentioned being share holder of 16%, cannot be treated differently from other promoters and left to the discretion of resolution applicant to consider EIH as potential Hotel operator, provided it plays role of purely and exclusively as an operator.
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