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

Infrastructure Urban

27 Oct 2025

Coal Ministry Achieves Milestones under Special Campaign 5.0

The Ministry of Coal and its Public Sector Undertakings (PSUs) have achieved notable milestones under the Special Campaign 5.0, focusing on cleanliness, operational efficiency, and sustainability across the coal sector. During the implementation phase from 2–31 October 2025, over 1,205 sites were cleaned, covering 68,04,087 sq ft, nearing the target of 82,51,511 sq ft. Scrap disposal of 5,813 MT against a target of 8,678 MT generated Rs 228.7 million in revenue. In addition, 1,11,248 physical and 30,331 electronic files were reviewed, with 74,123 weeded out or closed. Key initiatives showc..

Infrastructure Energy

27 Oct 2025

Vesting Orders Issued for Three Coal Blocks under Commercial Auctions

The Ministry of Coal’s Nominated Authority has issued vesting orders for three coal blocks under commercial coal block auctions on 23 October 2025. The Coal Mine Development and Production Agreements (CMDPAs) for these mines were earlier signed on 21 August 2025. The three blocks include Rajgamar Dipside (Deavnara), Tangardihi North, and Mahuagarhi. Of these, two are partially explored while one is fully explored, with a combined peak rated capacity of around 1 MTPA and geological reserves of approximately 1,484.41 million tonnes. These mines are expected to generate annual revenue of abou..

Infrastructure Urban

27 Oct 2025

TEC, IIT-Hyderabad Partner to Boost 6G and Telecom Standards

The Telecommunication Engineering Centre (TEC), technical arm of the Department of Telecommunications (DoT), has signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology Hyderabad (IIT Hyderabad) for joint research and technical collaboration in advanced telecom technologies and standardisation. The partnership focuses on developing India-specific standards and test frameworks for next-generation networks, including 6G, Artificial Intelligence (AI), and Non-Terrestrial Networks (NTNs). It also aims to enhance India’s participation in international standardisation f..