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.
CIRP can be initiated against corporate guarantors - The Hindu BusinessLine thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
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