Creditors may auction Imagicaaworld Entertainment this month

14 Feb 2022 CW Team

Bollywood film producer Manmohan Shetty's entertainment theme park, Imagicaaworld Entertainment, could be auctioned by lenders later this month.

Privately owned Malpani Group, with interests in real estate and theme parks, has given an updated offer of Rs 575 crore to procure the debt-laden asset. Malpani Group's sweetened offer comprises Rs 500 crore in upfront payments and a 15% share to the lenders upon conversion of Rs 75 crore of debt into equity.

Imagicaaworld, earlier called Adlabs Entertainment, has total debt of Rs 1,417 crore as of March 31, 2021. The offer of Rs 575 crore would equate to a recovery of 40% for lenders. But if the equity offer is barred, the offer equates to a recovery of 35%.

Malpani had improved the offer to Rs 575 crore in January itself but some lenders, comprising Canara Bank, were seeking the entire Rs 575 crore in upfront payments. Last week, all lenders comprising Canara Bank gave their consent for the updated structure.

Malpani Group is in discussions with a few asset reconstruction companies to take part in the Swiss auction. An out-of-court resolution of Imagicaaworld has been in the works for the past three years. In 2019, Union Bank of India declined the promoter Shetty's Rs 575-crore one-time settlement offer on expectations of higher proposals.

In May 2021, Dream Media Works had provided an unsolicited offer of Rs 725 crore. That proposal had encouraged lenders to restart an out-of-court resolution process of the theme park-cum-entertainment firm. Yet, negotiations with Dream Media did not move ahead since it failed to make an earnest money deposit with lenders.

Union Bank of India, which is the lead bank, has the highest outstanding loan of Rs 429 crore, followed by Bank of Baroda at Rs 320 crore, the bid document released by Bob Caps displayed.

Image Source

Also read: Imagicaaworld Entertainment creditors may involve ARC to sell firm

Bollywood film producer Manmohan Shetty's entertainment theme park, Imagicaaworld Entertainment, could be auctioned by lenders later this month. Privately owned Malpani Group, with interests in real estate and theme parks, has given an updated offer of Rs 575 crore to procure the debt-laden asset. Malpani Group's sweetened offer comprises Rs 500 crore in upfront payments and a 15% share to the lenders upon conversion of Rs 75 crore of debt into equity. Imagicaaworld, earlier called Adlabs Entertainment, has total debt of Rs 1,417 crore as of March 31, 2021. The offer of Rs 575 crore would equate to a recovery of 40% for lenders. But if the equity offer is barred, the offer equates to a recovery of 35%. Malpani had improved the offer to Rs 575 crore in January itself but some lenders, comprising Canara Bank, were seeking the entire Rs 575 crore in upfront payments. Last week, all lenders comprising Canara Bank gave their consent for the updated structure. Malpani Group is in discussions with a few asset reconstruction companies to take part in the Swiss auction. An out-of-court resolution of Imagicaaworld has been in the works for the past three years. In 2019, Union Bank of India declined the promoter Shetty's Rs 575-crore one-time settlement offer on expectations of higher proposals. In May 2021, Dream Media Works had provided an unsolicited offer of Rs 725 crore. That proposal had encouraged lenders to restart an out-of-court resolution process of the theme park-cum-entertainment firm. Yet, negotiations with Dream Media did not move ahead since it failed to make an earnest money deposit with lenders. Union Bank of India, which is the lead bank, has the highest outstanding loan of Rs 429 crore, followed by Bank of Baroda at Rs 320 crore, the bid document released by Bob Caps displayed. Image Source Also read: Imagicaaworld Entertainment creditors may involve ARC to sell firm

Real Estate

08 Apr 2026

BPTP awards Rs 4.88 billion contract to NCC

BPTP has awarded a construction contract worth Rs 4.88 billion to NCC Limited for its residential project Downtown 66 in Gurugram.The contract covers civil structure and finishing works for a total construction area of approximately 1,79,302 sq m, including residential towers and associated amenities, in line with approved plans and specifications.Located along Golf Course Extension Road, the project forms part of BPTP’s Gurugram portfolio and is designed around modern living, sustainability, connectivity and occupier-centric planning.Commenting on the development, Manik Malik, CEO & Pre..

Infrastructure Energy

08 Apr 2026

Blue Cloud Acquires Global Impx To Build AI Energy Platform

Blue Cloud Softech Solutions Limited (BCSSL) said its board has approved an all-share acquisition of 100 per cent of Global Impx Inc. (GIX) as part of a strategic pivot into AI-driven energy and digital infrastructure, subject to execution of definitive agreements and regulatory, corporate and shareholder approvals including a Special Resolution at an Extraordinary General Meeting scheduled for May 04, 2026. The BSE-listed technology conglomerate intends the transaction to accelerate its evolution into a technology enabled infrastructure company operating at the convergence of artificial intel..

Real Estate

08 Apr 2026

Hyatt House Offers Home-Like Stays Across 140 Locations

Hyatt House hotels (Hyatt House) is presented as a brand designed to welcome guests seeking spacious and well equipped living accommodations for short or long term stays. The brand operates at more than 140 locations worldwide and delivers home like amenities and purposeful service. It highlights complimentary home cooked breakfast and a creatively curated menu at H Bar as part of its offering. The offering is positioned to appeal to professionals and families who seek both convenience and a sense of familiarity while travelling. Hyatt House provides contemporary spaces that include indoor and..