Leonia Holistic Destination’s Revival – NCLT Approves Resolution Plan!
After years of legal battles and financial struggles, the NCLT Hyderabad Bench has approved the resolution plan for Leo Meridian Infrastructure Projects & Hotels Ltd. (LMIPHL), the operator of Leonia Holistic Destination, a well-known luxury resort and entertainment complex in Hyderabad.
The insolvency process began when Andhra Bank (now Union Bank of India) filed a case over unpaid debts, leading to LMIPHL’s admission into CIRP in April 2019. However, the journey was far from smooth, as the process faced multiple challenges, including:
- A provisional attachment order from the Enforcement Directorate (ED) under PMLA
- Allegations of financial irregularities
- Delays due to multiple CoC meetings and court cases
After a long wait, M/s. Jalavihar Entertainment Pvt Ltd (JEPL) emerged as the successful resolution applicant, securing the project with plans to infuse significant funds for renovations and working capital. A monitoring committee has been set up to ensure smooth implementation of the resolution plan.
This case reflects a growing trend of hospitality sector acquisitions in India, driven by rising tourism, increasing demand for experiential travel, and strategic expansions by major industry players.
Check out our latest video for an in-depth look at LMIPHL’s resolution and its impact on the hospitality sector!