Khaitan & Co Advised Dharampal Satyapal Limited in Successful Resolution of Viceroy Bangalore Hotels' CIRP
Khaitan & Co Advised Dharampal Satyapal Limited in Successful Resolution of Viceroy Bangalore Hotels' CIRP
Khaitan & Co provided legal guidance to Dharampal Satyapal Limited (DSL) as a resolution applicant during the Corporate Insolvency Resolution Process (CIRP) of Viceroy Bangalore Hotels Private Limited (Corporate Debtor). DSL's resolution plan has been approved by the Committee of Creditors (CoC) with a significant majority, making it the successful resolution applicant.
Despite the solvency issues faced by the hospitality sector post-Covid, the Corporate Debtor who owns the Renaissance Bengaluru Race Course Hotel, operated by Marriott Hotels India Private Limited, was successfully resolved within the 330 days prescribed under the Code.
Khaitan & Co provided legal counsel to the Client throughout the corporate insolvency resolution process (CIRP) of Viceroy Bangalore Hotels Private Limited, including the submission of a resolution plan, ancillary documents, and definitive agreements. The firm also advised on a wide range of regulatory and legal issues related to land, lease, hotel operation, tax, and the overall framework of the CIRP process.
The resolution of Viceroy Bangalore Hotels by DSL was led by Khaitan & Co.'s team consisting of Siddharth Srivastava (Partner, Restructuring & Insolvency/Banking & Finance), Mohit Kishore (Counsel), Udita Singh (Senior Associate), and Shikha Mohini (Associate). The tax matters were handled by Vinita Krishnan (Director, Direct Tax), Rahul Jain (Principal Associate), and Sambhav Mama (Senior Associate).
