Indian Inns: Indian Inns, Chalet amongst cos eager to amass debt of Rajesh Lifespaces’ arm

Mumbai: The Tata Group’s Indian Inns, Okay Raheja Corp Group’s and the native asset proprietor of the Hyatt chain are amongst 26 entities which have expressed curiosity in taking on the debt of the defunct lodge enterprise of actual property firm Rajesh Lifespaces, paperwork accessed by ET confirmed.

Among the many others within the firm, with a lodge property in Mumbai’s Powai, are giant different asset funds comparable to Oaktree, Kotak Funding Advisors and asset reconstruction corporations.

Rajesh Enterprise & Leisure Inns owes lenders, led by

, a complete of ₹621 crore. It had tied up with Singapore-based GHM Resort to function a 316-room five-star lodge underneath the ‘The Chedi’ model at Kanjurmarg close to Powai. Nonetheless, the corporate couldn’t full the mission resulting from a liquidity crunch. Rajesh Enterprise has been marked as a non-performing asset (NPA) on financial institution books since 2019.

“They’re a reputed title within the residential initiatives however for some cause, they tried this experiment in business actual property which failed as a result of they didn’t have the expertise on this enterprise. Banks have now initiated restoration proceedings by way of the Nationwide Firm Regulation Tribunal (NCLT),” mentioned an individual conversant in the account.

ICICI Financial institution has the biggest publicity to the corporate with ₹331 crore of loans, adopted by

(BoB) with ₹162 crore and with ₹128 crore, paperwork with ET confirmed.

The claims from banks are within the type of exterior business borrowings and financial institution ensures.

Corporations have till November 25 to submit expressions of curiosity. Bankers anticipate to finish the bidding course of by mid-January 2023. The record consists of Uncommon ARC, Acre Arc, Different Asset, Prudent ARC amongst others. Nonetheless, these corporations could not have the ability to bid as current RBI norms don’t enable ARCs with a internet value of lower than 1,000 crore to bid for property by way of the NCLT. Nonetheless, they may companion with corporations.

IHCL, Chalet and Saraf Inns, which operates its properties underneath the Hyatt administration, are thought-about sturdy contenders to submit a bid. A Chalet Inns spokeswoman declined to remark whereas an electronic mail despatched to IHCL and Saraf spokespeople didn’t elicit a response. Saraf has submitted EoIs underneath two arms – Unison Inns and Juniper Inns.

“There may be demand for this property as a result of it’s near the business space of Powai and there’s no five-star lodge wherever within the neighborhood. In addition to, although the constructing has to endure remaining renovations the principle investments like a kitchen and bar are prepared which makes it a very good purchase for any lodge group,” mentioned a second particular person conversant in the property.