M&A

M&A

Yes Bank may take over & sell off Bengaluru's Ritz Carlton over unpaid dues of Rs.300-Cr

Mint  

The Ritz Carlton hotel in Bengaluru, developed by NEL Holdings South Ltd (formerly Nitesh Estates), could see a change in ownership as Yes Bank plans to take over the property over non-payment of INR 300 crore in loans. Yes Bank will either sell the property to a new buyer or seek a suitor when it petitions the National Company Law Tribunal (NCLT). The property is the county's first hotel started by Marriott International under its Ritz Carlton brand. Yes Bank first sent a notice under the Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interests Act (SARFAESI Act), late last year to NEL Holdings. The notice allows Yes Bank to take possession of the hotel over non-payment of dues if the borrower cannot pay outstanding dues within two months. This was after Yes Bank classified loans owed to the Nitesh Group as non-performing in 2020.