Floatel on Ganga sinks into insolvency

MUMBAI: Kolkata-based Manor Floatel Hotel, which runs recreational facilities on the Ganges in the city, has been taken to the bankruptcy court for defaulting on loans.

IDBI Bank dragged the company to the National Company Law Tribunal as it failed to repay more than Rs 32 crore loans taken to set up a floating hotel on the Hooghly. Lenders are yet to file total debt claims, reports The Economic Times.

“The petition filed by the financial creditor… is hereby admitted for initiating the corporate resolution process,” V P Singh and Jinan K R, member judges of the tribunal, said in the order.

The court has appointed Sanjay Gupta as the resolution professional from AAA Insolvency Professionals.

There may be some other lenders who could come up with their claims against the defaulting company as the debt resolution process progresses, sources said.

The borrower had hypothecated movable properties situated on the Hooghly while taking loans.


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