KP Advisory Services, the family office of the promoter Ravi Penmetsa, acquired the five-star property last week in Coimbatore under the corporate insolvency process, the people cited above said. Lenders unanimously voted for KP Advisory Services Rs 185-crore plan. The resolution professional (RP) had admitted Rs 196 crore in claims, including trade creditors and banks. The offer from the family office of Gland Pharmas ex-promoters equates to a recovery of 94% for creditors.
The company, which develops and operates hotels and resorts, is undergoing an in-court resolution process and more than 1.5 million financial creditors (timeshare subscribers) will be voting on these plans in the next couple of days to decide the successful resolution applicant.