Viceroy Hotels Limited (Corporate Debtor) is currently under Corporate Insolvency Resolution Process (CIRP) as per the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC) pursuant to an order of the Honorable National Company Law Tribunal, Hyderabad Bench (NCLT) dated 12th March, 2018. Mr. Karuchola Koteswara Rao has been appointed as Resolution Professional of Viceroy Hotels Limited under the provisions of the code.
In terms of provisions of the code, the resolution professional invited prospective resolution applicants to submit resolution for M/s. Viceroy Hotels Limited. The resolution professional has received five resolution plans from the resolution applicants. The Committee of Creditors have discussed the resolution plans submitted by the resolution applicants and the negotiations with the Resolution Applicants are concluded and the process of selection is going on.
This is for your information and records.
Source: Business Line, March 2, 2019