M&A

M&A

Shri Ram Multicom to acquire Kolkata’s Sarga Hotels under IBC for Rs.301-Cr

Economic Times  

Hemant Kanoria-promoted Sarga Hotels, which operates a five-star hotel under the Westin brand in Kolkata, will be acquired by Shri Ram Multicom under the Insolvency and Bankruptcy Code (IBC) process.The Kolkata bench of the National Company Law Tribunal (NCLT) approved a INR 301 crore resolution plan against INR 816 crore admitted claims from creditors, employees, and trade creditors. Shri Ram Multicom has developed Fairfield Hotel, a budget category hotel in Kolkata and operates malls and hotels in Dhanbad, Jharkhand.