Lulu Mall Replaces Manjeera Mall: The National Company Law Tribunal (NCLT) Hyderabad bench has approved the resolution plan submitted by Lulu International Shopping Malls to take over the management of Manjeera Retail Holdings, which operates Manjeera Mall in Kukatpally, Hyderabad. The Mall was acquired by Lulu International Shopping Mall in the insolvency proceedings. Lulu Group submitted a bid of Rs. 318.42 crore which was approved by the committee of creditors. Lulu, which had previously taken the lease, now becomes the full owner of the mall.
The popular Manjeera Mall in Kukatpally Housing Board (KPHB) in Hyderabad city has now come under the control of a new owner. Manjeera Retail Holdings, the owner of the mall, has acquired Lulu International Shopping Malls, a leading international shopping mall company, in the insolvency proceedings conducted by the National Company Law Tribunal (NCLT). Many big companies competed to win this deal. But in the end, Lulu Group won with its highest bid.
Lulu International Shopping Malls submitted a Rs. 318.42 crore insolvency resolution plan to the NCLT to acquire the mall. The Committee of Creditors (CoC) approved the plan after a thorough examination. This CoC includes leading financial institutions like Catalyst Trusteeship Limited and FedBank Financial Services Limited. Catalyst Trusteeship Limited approached the NCLT in July last year after Manjeera Retail Holdings failed to repay the loans taken by it. The NCLT allowed this and appointed Birendra Kumar Agarwal as the resolution professional to manage the insolvency process.
After that, all the processes like inviting bids from companies interested in buying the Mall, holding negotiations with them, and holding meetings of the creditors’ committee were completed. After overcoming all these steps, Lulu International Shopping Malls finally acquired Manjeera Retail Holdings.
Interestingly, Lulu International Shopping Mall had leased ManjeeraMall in KPHB some time ago. Now, it has acquired full ownership through the bankruptcy process. This development is considered a significant change in the retail sector in Hyderabad. With the arrival of Lulu Group, Manjeera Mall is expected to develop further and provide a better shopping experience to customers. Analysts believe that this acquisition is part of Lulu Group’s expansion plans in India.
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